MORGAN STANLEY: Here’s where cryptocurrencies are traded around the globe



Morgan Stanley’s chart showing cryptocurrency trading volume around the world.
Morgan Stanley
  • Morgan Stanley has done research into online cryptocurrency exchanges.
  • The research shows that the majority of trading volume flows through exchanges registered in Malta.
  • The United Kingdom has the highest number of legally registered exchanges but accounts for just 1% of trading volumes.

LONDON — The majority of cryptocurrency exchanges are based in the UK, but the vast amount of volume flows through the small island of Malta, new research shows.

Morgan Stanley analyst Sheena Shah and her team sent a note to clients this week examining cryptocurrency exchanges around the world. Exchanges are the venues on which cryptocurrencies trade and the biggest can see daily trading volumes in the billions.

The investment bank’s research shows that the majority of volumes flow, at least nominally, through Malta. This is largely down to Binance, one of the biggest exchanges in the world, recently announcing plans to shift its legal headquarters to the small European island.

“The largest exchange called Binance announced intentions to set up headquarters there, so if we take that company out, Malta would be much further down the list,” Shah and her team wrote.

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