Sunday, November 28

About 90 cryptocurrency brokerages closed in 2021

According to the “exchanges cemetery” on the website Cryptowisser, around 90 cryptocurrency brokers ended their activities in this year 2021. The reasons are varied, some just disappeared, others had no economic motivation to continue their activities and, of course, some were scams.

A large number of Brazilian brokers appear on this list, although some have ended their activities legally and without harming clients, others are still facing lawsuits, with clients trying to get their money back.

Choosing a good broker is essential for your cryptocurrency buying and selling experience to be smooth. A complete list of exchange hacks, made by Livecoins, shows that they are frequent targets of attacks.

Some are Brazilian

Among the exchanges listed as dead, it is possible to find some Brazilian ones.

NegocieCoins is marked as a scam, with the last update in March of last year announcing that the exchange had been facing scam charges for a few months. Its CEO is in prison and had his freedom request denied by the STJ this year.

Another exchange with several processes and which ended its activities was 3XBit, however in this exchange cemetery there is not much information about the case. They just disappeared.

Braziliex also appears on the list, according to a recent update, the brokerage has ended its activities. The possible reason may have been strong competition, especially from international brokers that started operating in Brazil.

Another five Brazilian exchanges also appear in the list, the Bitcoin Market, erroneously, is marked as inaccessible. The others are Nanu Exchange, Rippex, and OmniTrade, which ended their activities between 2019 and 2020.

Numbers keep up over the years

While the number of exchanges that closed down in 2019 was 81, it rose to 95 in 2020 and, so far, 91 brokerages have closed their doors in 2021.

Although some of them haven’t harmed any customers, it’s important to note that some of them have already taken personal savings to the wreckage. Because of this, it is important to choose a good exchange and not use it as a wallet.

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