How Small, Unregulated Exchanges Are Raising the Numbers in Crypto Volumes Against All Odds

When people look into cryptocurrency exchanges, the first two names are almost always Binance and Coinbase. These two exchanges, after all, claim to have the lion’s share in transaction volume (Binance) and amount (Coinbase,) thus monopolizing the market. Those claims aren’t lies – Binance is indeed the single exchange moving the most crypto tokens on any given month, while Coinbase indeed has the largest amount of transactions most of the time. The detail these claims always seem to ignore is that neither of those exchange has 50% of their market. In fact, they’re nowhere near. A fragmented market It’s easy to believe those exchanges would be the ones processing the vast majority of transactions, considering they’re almost unanimously recommended. And to be fair, they are processing the vast majority of transactions and, as one would expect, the large, regulated exchanges do hold a vast majority of crypto traders and users. But things change when we look into