According to the regulator's analysis, a single platform, Binance, controls roughly half of the entire market, while just 10 exchanges handle about 90% of all cryptocurrency trades.
The ESMA expressed considerable concerns about the potential implications of a failure or malfunction at a major asset or exchange for the wider crypto ecosystem.
The ESMA emphasized the inherent opacity of crypto transactions, which makes it challenging to pinpoint their origin, with many exchanges located in jurisdictions characterized as tax havens.
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