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Exchange consolidation is entering its next phase
The set of venues that will still matter in five years is smaller than the current list. Here is the shape of the shakeout.
The forces at work
- Regulatory cost of running a compliant venue in multiple jurisdictions
- Custody diligence expectations from institutional counterparties
- The unavoidable gravity of liquidity concentrating where it already is
Who is well-positioned
Venues with a real regulatory footprint, clean custody arrangements, and a product surface beyond spot trading — derivatives, staking, prime services — are structurally advantaged. Pure spot exchanges with a single-jurisdiction licence are the most exposed.
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