Crypto exchanges Coinbase and Binance.US have lost market share in the United States following regulatory crackdowns and lawsuits by the SEC. Rivals Kraken, Bitstamp, and LMAX Digital have seen their market shares increase, with Kraken now holding around 29% of the market share.

The increased regulatory scrutiny of tokens has made it more challenging for exchanges to follow the old playbook of offering access to a swathe of coins.

However, the cost-benefit analysis for exchanges could change if crypto token prices were to rebound and there was suddenly increased interest from investors.