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There are a total of 584 centralized exchanges, and none of them are your friends

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There are a total of 584 centralized exchanges, and none of them are your friends

I was in mild shock when I went to CoinGecko and discovered that they track 584 centralized exchanges. As per their website:

As of today, we track 584 crypto exchanges with a total 24h trading volume of $70.2 Billion, a -6.82% change in the last 24 hours.. Currently, the 3 largest cryptocurrency exchanges are Coinbase Exchange, OKX, and KuCoin. Total tracked crypto exchange reserves currently stands at $106 Billion

My shock is that I expected something like 30, maybe 50 CEXes, but now I realize how naive I was.

First thing to note is that of the $1T+ total market cap, roughly 10% is on CEXes. Does that mean that the other 90% belong to users and other companies like e.g. MicroStrategy?

In addition to that, OKX is ranked #2:

CoinGecko's exchange tracker

Let me remind you that, as per OKX's Terms of Service, they reserve the right to register your funds in either their or a custodian's name, as per one of my last posts:

Custody risk
6.36 OKX may hold Fiat Currencies and Digital Assets with third parties. However, the Digital Assets OKX holds are not “deposits” nor are they intended to be held as any other regulated product or service under Applicable Laws.
6.37 In certain circumstances permitted by the Applicable Laws and Regulations or market practice of the relevant jurisdiction OKX may register or record a User’s Account in the name of the custodian or under OKX’s name. If the Accounts are held in the name of the custodian or OKX’s name, such assets may not be segregated from OKX’s assets and, in the event of a default by the custodian or OKX, may not be as well protected from claims of the creditors of the custodian or OKX’s creditors as would be the case if the User’s client assets had been segregated from the assets of the custodian or OKX’s assets.
6.38 In the event of the insolvency or any other analogous proceedings of a third party holding a User’s Fiat Currencies and/or Digital Assets, OKX may only have an unsecured claim against the third party on the behalf of a User and a User may be exposed to the risk that the Fiat Currencies, Digital Assets or any other property received by OKX from the third party is insufficient to satisfy the User’s claim and the claims of all other relevant Users.
6.39 If OKX deposits a User’s Fiat Currencies and/or Digital Assets with a third party, such Fiat Currencies and/or Digital Assets may be pooled with those belonging to other Users. In such circumstances, a User’s individual client entitlements may not be separately identifiable by separate certificates, other physical documents of title or equivalent electronic records and, in the event of an irreconcilable shortfall after OKX’s insolvency, any Users whose assets have been pooled may share in that shortfall in proportion to their original assets in the pool. Any entitlements or other benefits arising in respect of pooled assets will be allocated pro rata to each User whose assets are so pooled.
6.40 Fiat Currencies and/or Digital Assets may be held by a third party appointed in good faith by OKX, or by OKX’s nominees or sub-custodians. Such third parties are not under the control of OKX, and OKX accepts no liability for any default of any nature by such third parties and, in the event of any such default, a User may suffer total or partial loss in respect of the User’s Account. The extent to which a User may recover its Fiat Currencies and/or Digital Assets in jurisdictions may be governed by specific legislation or local rules.

When you go to Coin Market Cap, the top 10 is a bit different:

CMC's exchange tracker

I remember reading somewhere here that Binance owns CMC. Is that correct?

TL;DR

After the fall of FTX and after reading so many ToS, I'm baffled by the amount of actors out there trying to "hold you coins" for you. I was not expecting such a high amount of CEXes and none of them are your friends, as per some of the ToS I've read.

submitted by /u/reddito321
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