Ethereum
$192.41 0.50%
ETH · 27w

Sergey Zhdanov, CEO of EXMO: “We are waiting for the market consolidation.”

There is a common opinion among the crypto enthusiasts, that among all market participants exchanges have the most protected position. They charge users a commission for Trading, Depositing/Withdrawing funds, and projects pay listing fees in order to be added on the exchange. Exchanges can do whatever they want to, for example, go start the technical maintenance when they consider it necessary or introduce some new strict rules, change commissions or terms of the operations. If it is as good as it seems, and how does the fall of the cryptocurrency market affect your business?

In fact, this opinion is far from reality. Every exchange incurs large costs, like any complex mechanism, such as: renting an office or several one, paying for software, servers, giving salaries to the staff of the exchange, especially developers, who are highly valued and paid for in the crypto industry.

First of all, the success of a centralized exchange depends on the Trades volume, so, with a decrease in the crypto trades amount, the site’s earnings becomes lower. The market becomes more complex, the exchanges have to adapt, compete, including reducing the various commissions, which we do.

Why do we charge a commission for listing? In fact, this fee compensates the costs required to add an asset to the exchange. We are forced to announce technical works and interrupt the normal exchange’s work mode for a couple of hours, because, unlike the stock exchanges, we work around the clock.

Of course, we notify users in advance, asking them to cancel orders.

We have a very long queue of projects who are waiting for listing, so if we’d wanted to make money momentarily, we would add all the projects at the same time. In fact, before adding an asset, a hard selection is carried out, the asset’s developers team is studied about, and all the possible vulnerabilities in the code are being checked.

Just imagine a situation where an attacker can withdraw coins ...

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