There’s been a big chunk of news lately regarding various cryptocurrency exchanges, with a strong mix of bullish to bearish sentiment.
We're excited to share that we’ve achieve another key regulatory milestone:
EFTA + VASP registration in South Korea 🚀🇰🇷https://t.co/vCNztABJoG is committed to being the industry leader in regulatory compliance.
Full Details 👇https://t.co/5D9hVQIDAl pic.twitter.com/kWjy7XaK4r
— Crypto.com (@cryptocom) August 8, 2022
Crypto.com ($CRO.X) continues to act aggressively during the market downturn and has its eyes on South Korea. South Korea has some of the strictest reporting requirements, so Crypto.com’s targeting of that market sends a clear message to competitors. However, it remains to be seen whether it can faceoff against Upbit, Bithumb, Coinone, and Korbit.
Despite the legal woes and low investor sentiment, Robinhood’s ($HOOD) cryptocurrency business continues to expand its offering. Today, Robinhood announced the addition of Stellar ($XLM.X) and Avalance ($AVAX.X) to its platform. Stellar and Avax have hit intraday highs in the +10% range but have given up a good chunk of those gains.
Surprisingly (or maybe not surprisingly), crypto exchanges FTX ($FTT.X) and Bybit have recorded large gains in traffic while other big names have seen major drops. YoY traffic increases have seen FTX traffic spike +123% YoY, WhiteBit +244%, Bybit +160%, and KuCoin +50%. However, two of the world’s biggest cryptocurrency exchange firms have recorded YoY traffic losses. Coinbase ($COIN) is down -46%, while Binance is down by -40%.