Crypto Trading Highly Concentrated on Few Exchanges; Pose Risks if Failure Occurs

• High concentration of crypto trading occurs on just a handful of exchanges, with Binance accounting for about 50% of trading volume • This concentration raises concerns about the potential impact of an exchange failure on the broader crypto ecosystem • Euro currency currently plays only a minor role in crypto trading volumes • Over 55% of global crypto trading volumes happen on exchanges with an EU license • Contrary to claims that crypto is a safe haven, crypto prices tend to move with equities and don't have a stable relationship to gold