The cryptocurrency winter that began in 2022 has resulted in the closure of several centralized exchanges due to the significant shrinkage in total traded volume. However, the rise of decentralized exchanges (DEXes) is expected to lead to more centralized exchanges following the bankruptcy protection path taken by FTX and Alameda. Meanwhile, Coinbase Global Inc is struggling to stay afloat before the next crypto bull market, which is expected after next year’s Bitcoin halving.
Crackdown on Crypto Projects
Apart from the cryptocurrency winter, financial regulatory agencies in the United States have begun cracking down on crypto projects, citing their operation without registration for securities licenses. The SEC accused the Kraken cryptocurrency exchange of offering unregistered securities through a staking program, which led to Kraken being caught in the crossfire.
Source: https://coinpedia.org/news/coinbase-takes-a-stand-against-sec-crackdown-is-xrp-re-listing-underway/