Top Bitcoin and Cryptocurrency Trading Platforms in the Global Marketplace Added More Than 100 000 users a day.

The main cryptocurrency exchanges such as Coinbase (GDAX), Binance, Bittrex, Bitstamp and Kraken struggled to cope with the sharp rise in demand for cryptocurrencies. Some exchanges have overhauled their systems to improve their scalability, while others have temporarily stopped opening new user accounts.

Unexpected growth rate

This week, Changpeng Zhao, founder and CEO of Binance, the world's largest cryptocurrency exchange with a staggering daily trading volume of 9.5 Billions of dollars revealed that he added more than 250,000 users in one day

"Sorry, existing membership is a priority Full team working 24 hours a day Technology and support Just over 250,000 new users have been added in the last 24 hours, "said Zhao, referring to the company's official statement.

January 4 , Binance said: temporarily disable new user registrations to allow an upgrade of the infrastructure.We apologize for the inconvenience. "

Decembr e, Kraken and Coinbase have allocated a significant portion of their resources and capital to improve customer support and scalability of their platforms. On December 23, Kraken, who was having trouble processing audits, revealed that he had implemented major upgrades and improved performance and that he would continue to develop his platform. negotiation to support new users. The team acknowledged that its current infrastructure is "degraded and unreliable" and promised to improve throughout the month of January. The company said:

"We made significant progress last week with system upgrades and achieved a moderate improvement in performance.Unfortunately, we were not able to complete all the upgrades and the most impactful measures are yet to come. "At the moment, the systems should still be considered degraded and unreliable."

Regional exchanges such as that Bithumb, the second largest cryptocurrency exchange in the world in terms of daily trading volume, also stopped accepting By the end of 2017, the third largest cryptocurrency purse in Korea South, Korbit, was bought at a price of $ 140 million by a $ 10 billion gaming giant at Nexon. Given the size and valuation of Korbit, the main stock exchanges such as Bithumb, Bitstamp, Kraken and Binance could be worth more than $ 1 billion, while Coinbase was valued at $ 1.6 billion in its last phase of financing

. market valuation, high profit margins and many resources, cryptocurrency trading is struggling to meet the exponential demand of investors because of strict Know Your Customer (KYC) and Anti-Money Laundering (AML) systems that companies have by the authorities.

Each user application must be approved and verified manually. The inability to separate fraudulent accounts from legitimate users could result in significant fines and lawsuits for trade. As a result, the user verification process is rigorous and requires significant effort on the part of the exchange employees.

Since exchanges add more than 100,000 users per day, it is likely that exchanges will receive more than one million transactions. In other words, if the account approval process takes about 10 minutes per account, 166,666 hours per month that employees must cover manually.

In the coming months, global cryptocurrency trade will bring drastic changes to their systems. Until then, users, especially newcomers, will have trouble opening approved trading accounts.