For today, the biggest crypto exchange Binance has too many troubles: hacker attacks, personal data leak, and the other scandals. Thus fewer people want to use it. What is more, such non-custodial exchanges such as changelly and shape shift become more popular. Crypto market changes fast. So what we should expect from crypto exchanges in the future?
The merit of an exchange depends not on the hacking incident, rather it depends on how the exchange handled that hacking incident. I believe Binance did a great job here. First they have handled the 7k bitcoin hack with the help of their SAFU fund and the KYC breach case is still dicey! I don't remember, any other exchange has shown such kind of maturity in handling such unexpected events as on date!
If someone doesn't like centralized exchanges who work in close conjugation with regulators and runs a legal business, they can move to decentralized exchanges. But on the flipside, if anything happens in these exchanges, no one is going to take the responsibility like Binance did! They at least have a vision and the SAFU fund is one of the examples of that vision they implemented after coincheck hack!
Do you have any more similar incident?