Crypto exchanges registered in offshore locations are 70% of top 30 Crypto exchanges registered in offshore locations are 70% of top 30
The most popular offshore financial centers for crypto exchanges are Seychelles, the Cayman Islands, and the British Virgin Islands.
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Updated: Mar. 16, 2023 at 7:55 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Out of the top 30 crypto exchanges, 70%, or 21, are located in offshore financial centers, according to CoinGecko’s recent report.
The report defines offshore financial centers as “territories that seek to attract financial activities from abroad, through flexible regulations and low or zero-taxation schemes. ” Based on that definition, the most popular offshore financial centers for crypto exchanges are Seychelles, the Cayman Islands, and the British Virgin Islands.
Worldwide distribution
The top 30 largest crypto exchanges are distributed across 15 countries, according to the report. They are corresponding to 37%, and 11 out of 30 exchanges are located in North America – with four incorporated in the British Virgin Islands, three in the Cayman Islands, and two in the U.S.
When the distribution is evaluated on a country basis, Hong Kong emerges as the country that hosts the most crypto exchanges. Out of 30 major exchanges, six of them are incorporated in Hong Kong, which accounts for 20% of the whole.
Gibraltar and the British Virgin Islands follow Hong Kong as the second and third by hosting five and four exchanges, respectively. On the other hand, Seychelles is home to three large exchanges – OKX, KuCoin, and MEXC Global.
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Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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In this article
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
KuCoin
KuCoinโฏis a global cryptocurrency exchange for numerous digital assetsโฏand cryptocurrencies that launched in September 2017.
MEXC Global
MEXC Global is a centralized crypto exchange with vast crypto-related services.