Crypto Exchange 2025: What’s Real, What’s Dead, and Where to Trade

When you search for a crypto exchange 2025, a platform where you buy, sell, or trade digital assets in the current year. Also known as cryptocurrency trading platform, it’s not just about fees or speed anymore—it’s about survival. Many exchanges that looked promising in 2023 are gone by 2025. Lykke collapsed after a $19.5 million hack. Bitsdaq vanished. Play Royal Exchange was never real—it was a scam. The ones still standing? They either had real liquidity, strong compliance, or they’re decentralized and built on chains that actually work.

Behind every working exchange is a story. Some, like decentralized exchange, a peer-to-peer trading platform that doesn’t hold your funds. Also known as DEX, it runs on protocols like Arbitrum or Polkadot, where low fees and no KYC attract traders—but only if there’s actual trading volume. Swapr doesn’t exist. Mangata has no public interface. Yoshi.exchange on Fantom? Zero volume. These aren’t bugs—they’re red flags. Meanwhile, real DEX aggregators like 1inch are quietly helping users find the best rates across dozens of platforms, saving money without needing to trust a single middleman.

Regulation is reshaping the map. South Korea fined Upbit $34 billion for bad KYC. Vietnam now allows crypto as a virtual asset but bans foreign exchanges. The SEC shifted from chasing technical errors to going after fraud—Terraform Labs paid billions. Even Switzerland’s Crypto Valley in Zug thrives because of clear rules, not hype. If an exchange claims to be legal in a country with no crypto laws, it’s probably lying. And if it’s based in Cambodia or Ecuador, it’s likely tied to something darker than trading.

What You’ll Find in This Collection

You won’t find fluff here. No ‘top 10’ lists with affiliate links. Instead, you’ll get real breakdowns: why Polycat Finance is too risky, how Saudi traders bypass bans, what happened to BNX after its forced swap to FORM, and why StrongNode Edge’s airdrop might actually be worth your time. Some posts expose scams. Others reveal hidden gems. A few explain how sharding or account abstraction could change how you interact with exchanges in the next year. Every article answers one question: Should you use this in 2025? No guesses. No hype. Just what’s working, what’s dead, and what you need to know before you send your crypto anywhere.