Businesses That Shut Down

64 Crypto Exchanges That Shut Down In 2023

Last updated on November 23rd, 2023 at 04:19 am

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On Monday, November 20, 2023, another crypto exchange bit the dust, following an announcement by Bittrex Global that effective Monday, December 4, 2023, all trading activity on its exchange will be disabled.

The collapse of Bittrex Global, one of the global crypto exchanges, adds to the list of over 60 exchanges that ceased crypto-related operations in 2023.

Effective Monday 4 December 2023, all trading activity on Bittrex Global will be disabled. After that date, customers will only be able to withdraw assets as part of the winding down process.

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Bittres Global tweeted

Crypto Exchanges That Closed Down in 2023

The affected exchanges shut down due to scams, unknown business reasons, due to hacks, and disappearance among other reasons.

In reverse chronological order, here is the full list of crypto exchanges that have so far shut down in 2023:

  1. Bittrex: December 4
  2. Bitsten: August 31
  3. BITUNIVEX: June 30
  4. Bithoven: June 30
  5. STEX.com: June 20
  6. COSS: June 16
  7. MoonXBT: June 1
  8. BitexCrypto Shops: May 15
  9. CoinFLEX: April 28
  10. Swipe Swap: March 23
  11. Bitni.com: March 23
  12. VDollar Exchange: March 23
  13. KKEX: March 23
  14. YellowMoon Exchange: March 23
  15. eXFi Exchange: March 23
  16. Bitvast: March 23
  17. Unodax: March 23
  18. CROSS Exchange: March 23
  19. CBX: March 23
  20. Cryptex: March 23
  21. BitQuick: March 23
  22. Serenity Exchange: March 23
  23. WhaleEx: March 23
  24. BitOnBay: March 23
  25. Dsdaq: March 23
  26. Vero Exchange: March 23
  27. BitOffer: March 23
  28. Hanbitco: March 23
  29. Coingi; March 23
  30. CoinCasso: March 23
  31. BitWell: March 23
  32. BITEXBOOK: March 23
  33. InfinityCoin Exchange: March 23
  34. TomoDEX: March 23
  35. NevBit: March 23
  36. Btcswe: March 23
  37. Bleutrade: March 23
  38. Bitwells: March 23
  39. AltcoinSwap: March 23
  40. Tokencan: March 23
  41. FinexBox: March 23
  42. RippleFox: March 23
  43. Aryana Exchange: March 23
  44. Bvnex: March 23
  45. Cryptofresh: March 23
  46. YunEx: March 23
  47. Switcheo Exchange: March 23
  48. EtherDelta: March 23
  49. RuDEX; March 23
  50. Koinbazar: February 24
  51. The Rock Trading: February 21
  52. CoinDeal: February 19
  53. LocalBitcoins: February 9
  54. Bitladon: February 1
  55. Brokereo: January 26
  56. Coindirect: January 24
  57. Bitzlato: Janaury 19
  58. Bamboo Relay: January 11
  59. AAX: January 11
  60. BigoMex: January 11
  61. Decoin Exchange: January 11
  62. CTrade: January 11
  63. Liquid: January 7
  64. Titanex: January 3
Also Read:  Non-custodial Exchange vs Custodial Exchange: Benefits and Weaknesses

According to cryptoWisser.com‘s and analyzed by Infomediang, 6.34% of the crypto exchanges closed down because of scams, including Bisten, YellowMoon Exchange, Vero Exchange, and FinexBox.

It also revealed that 42.86% of exchanges were labeled MIA, they disappeared without updating their customers why they closed operations.

Among this list that disappeared without any detail include: Bithoven, Swipe Swap, CBX, CoinCasso, Bitwells, AAX, Decoin Exchange, and Titanex. In all, over 400 exchanges have failed since 2014.

Percentage of affected categories

Out of this, 12.7% of exchanges are decentralized; 66.67% are centralized exchanges; 7.94% fall under the contract trading exchanges; 4.76% of P2P marketplaces were affected, while 6.34% and 1.58% are cryptocurrency shops and crypto brokers were affected respectively.

The popular crypto platforms that closed in Africa

LocalBitcoins: One of the shutdowns that hit the African crypto community was LocalBitcoins, when its founder Jeremias Kangas announced in a Tweet on February 9, 2023, that the P2P crypto exchange was shutting down.

The popular peer-to-peer platform is one of the earliest and most popular peer-to-peer platforms in the crypto ecosystem, ending its Bitcoin trading service.

Bundle Africa: Bundle Africa also announced its diversification in July 2023 to focus on its P2P product dubbed, “cashlink” But our last check (October 3, 2023) showed that the platform is back to business.

Other reasons:

  • In total 24 were shut down for unknown business reasons, STEX.com, a centralized exchange, closed down due to a hack it could not recover from.
  • Three of such platforms: Bitladon, Koinbazar, and CoinFLEX were affected due to rebranding.
  • BTCswe, Brokereo,  Bitzlato, and Liquid shut down in 2023 due to regulatory reasons.
  • It is important to point out that any crypto exchanges that operate in an unfriendly environment such as China, Bolivia, and Indonesia may face huge regulatory pressure from the host countries.
  • Some exchanges may find it challenging to keep up with the operation requirements.
Also Read:  2 Ways To Cancel An Unconfirmed Bitcoin Transaction

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