Many regulated financial exchanges still have no plans to offer crypto-related products, according to a new survey by London-based World Federation of Exchanges (WFE).

The WFE survey found that most of the 29 financial exchanges that took part remained concerned about crypto’s cybersecurity risks, unclear regulatory guidelines and constantly changing market.

Just 12 of the 29 exchanges that responded to the survey said they hosted crypto-related services.

Out of the 17 that did not currently offer the asset, only seven had plans to introduce it in the future, according to the WFE. 

“There is a growing demand for crypto products and services,” Dr Pedro Gurrola-Perez, head of research at the WFE, said.

Adding: “Crypto-related innovations are seen as an opportunity to advance technology development and increase investor choice, however, the lack of minimum governance and investor protection standards of unregulated crypto platforms, as well as the high volatility observed in these markets, and the risk of cybersecurity threats, is a concerning mix.”

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By GlobalData

The survey follows an extremely turbulent time for cryptocurrency in 2022. The market saw a dramatic downturn after one of the largest global cryptocurrency exchanges, FTX, filed for bankruptcy. 

Binance, the world’s largest global cryptocurrency platform, walked away from its initial buyout proposal of FTX. The platform, which was initially ready to save FTX, claimed it found too many issues with FTX’s finances to carry out the deal. 

The domino effect of these catastrophic events led to Bitcoin falling to the lowest it had fell in two years and delivered a wave of scepticism across investors and regulators.

“As this industry and market matures, coming in to the mainstream of financial markets, the exchange-traded model which places investor trust, transparency, accountability and investor protection at the heart of platform, will gain further momentum,” Nandini Sukumar, CEO of the WFE, said.