We cannot lie again. Centralized Cryptocurrency exchanges are currently on hot seats due to regulatory attacks. Yesterday CoinEx was banned in New York. Binance in its usual system of complying with regulatory bodies has announced its departure from Netherland.
This came after a failed attempt to obtain a virtual asset service provider (VASP) license, which will help Binance operate fully with regulatory support in the Netherland Crypto market. The departure has already started as Netherlands citizens can only withdraw their assets. No more trading nor deposits or new registration.
The question now is, which country is next? Why was there difficulty in securing a license in some countries?
We can answer the question with certainty but we know that some countries will still have to push centralized exchanges away from their market. Investors are now forced to consider what they will do if shortly, their favorite exchange is no longer available for them.
There may be decentralized exchanges that can offer the most common use case of centralized exchanges; converting fiat to cryptocurrency but they are not user-friendly like CEX and will still be a problem to newbies.
We hope that regulators will bring favorable conditions for exchanges because exchanges are willing to comply but the conditions are what usually drives them away.