Operating business37% entry signalMarket screen9 sourced figuresOne thing must be trueentry cost + regulatory drag

Crypto Exchange & Digital-Asset Custody Platform

SoftwareTypically runs on Portfolio management, trading, post-trade and client reporting. · no software market screened here yet — the industry page
Prepared 2026-10-31

The industry — Securities and commodity exchanges

Base industry report for 5232 →
Establishments · CanadaA
65
with employees
Under 10 employeesA
62%
most common size: 1–4
Establishments · USA
53
Employment · USA
6,270
118 per establishment
Payroll · USA
$1.6B
$250k per employee

Of 65 Canadian establishments with employees, 62% have fewer than ten — mostly small operators.

Entry signal — what decides who wins here

One thing must be true
Structure decides One thing must be true Execution decides

Entry turns on a single condition that can be named and tested before much is spent. Clear it and this becomes an execution question; fail it and no amount of operating skill helps.

What you would have to beat

Raise or borrow the entry ticket, or buy an operator who has already paid it. The barrier is money rather than permission, so it yields to a balance sheet — and an acquisition is usually cheaper than a start.

How it was read
Binding constraintUNVERIFIEDentry cost + regulatory drag — Capital — being better does not, by itself, clear it.
How fragmented the field isA62% of establishments have fewer than ten employees — Fragmented — there is share to take and no scale operator to displace.
What it costs to be in the businessUNVERIFIEDmedium capital — The structural profile of subsector 523, inherited by every industry beneath it.
How many new establishments are still tradingA
Finance and Insurance, US · opened 2020
85.2%
1 year
65.1%
3 years
53.8%
5 years
38.4%
10 years
opened 2015

Measured, not forecast: the share of US establishments opening in one year that were still active later. It counts good operators and bad ones together, which is exactly why it is the honest answer to “what are the odds”. It is for the whole sector rather than this market, and the ten-year figure comes from an older cohort because no younger one has reached ten years.

This is not a probability of success, and it is not a verdict on you. No survival probability is published per market, and inventing one would be worse than saying so. What the bar reads is how much of the outcome sits inside an operator's control: green means the hurdles are ones a better operator clears, red means the binding constraint is capital, an asset or a permission rather than execution. Someone arriving with an advantage this screen did not assume can win a market shown in red.

Companies named in this market · 15

The binding constraint — entry cost + regulatory drag

A crypto platform looks like an exchange with a fatter margin, and the largest listed operator shows both halves of that. Coinbase took $7,181.3M of revenue in 2025 [A], but its fee lines move with coin prices: in Q3 2026 transaction revenue fell 44% to $590.2M as consumer spot volume fell 59%, and staking rewards fell 54% to $85.7M [A]. The steadier line is interest on customers' stablecoin balances ($306.9M in the quarter), and that goes to whoever already holds the balances. The cut is what has to be paid for before the first trade. In Canada a platform must register as an investment dealer and join CIRO (the CSA has ended the interim restricted-dealer route). In the EU it needs MiCA authorisation, and in the US money-transmitter licences plus New York's BitLicense. On top of that, it has to keep customers' coins safe from state-backed thieves. On 29 October 2026 about $6.36B left Binance's wallets, most of it in about 20 minutes [B]. The FBI blamed North Korea, and Binance said it would absorb the loss from company funds, its SAFU reserve and its futures insurance fund. Only a balance sheet that size survives a loss like that. Smaller victims did not get through intact: Mt. Gox's trustee is still repaying creditors, with the deadline now 31 October 2027 [A]; Coincheck was sold to Monex; and WazirX reopened only after a Singapore restructuring. Coinbase's own 10-K says customer assets 'are substantially more than our corporate assets and available insurance' [A]. So the sunk cost is regulatory capital plus a balance sheet able to absorb a tail loss, and licensed platforms change hands cheaply by comparison: Robinhood paid about $224M for Bitstamp and $178M for WonderFi [A]. An entrant can buy a licence for less than it costs to build one, but it still carries the tail risk. Conventional exchanges are covered in 5232-securities-exchange-operation.

Market scaleinternational

Platforms compete for the same coins, liquidity and market makers worldwide; a bitcoin order book in one country is arbitraged against every other. But each platform can serve a customer only where it is licensed, and licences are national or regional: CIRO dealer membership in Canada, MiCA authorisation in one EU state that is then passported, state money-transmitter licences and a BitLicense in the US. The competition is international, while entry happens one jurisdiction at a time.

Canadian establishments with employees, NAICS 5232A 65 (Statistics Canada, December 2023): 33 with 1–4 employees, one with 500+. These are mostly conventional marketplaces; crypto platforms are not identified in any code. Count carried from the 5232-securities-exchange-operation record
Coinbase total revenue, FY2025A $7,181.3M, up 9.4% from $6,564.0M in FY2024 (SEC XBRL, 10-K filed 12 February 2026)
Coinbase revenue mix, Q3 2026A Total revenue $1,215.6M (Q3 2025: $1,868.7M). Transaction revenue $590.2M, down 44%; consumer transaction revenue $450.1M, down 47%, on a 59% fall in consumer spot volume. Stablecoin revenue $306.9M (−5%); blockchain (staking) rewards $85.7M (−54%); interest and finance fees $68.6M (+6%). Assets on platform $376.6B, against $515.9B a year earlier (10-Q filed 29 October 2026)
Robinhood cryptocurrency revenue, Q3 2026A $120M, down 55% from $268M; nine months $354M against $680M. Crypto notional volume $37.9B against $51.1B (10-Q filed 28 October 2026)
Prices paid for licensed platformsA Bitstamp: about $224M, acquired by Robinhood on 2 June 2025. WonderFi (parent of Coinsquare Capital Markets, a CIRO dealer member): about $178M in cash, acquired by Robinhood on 1 June 2026 (Robinhood 10-Q, Q3 2026)
EU MiCA register: authorised crypto-asset service providersA 392 entries (389 unique LEIs) in ESMA's interim CASP register file as read on 31 October 2026. Germany 122, France 36, Netherlands 29, Cyprus 25, Malta 23. It includes Coinbase (Luxembourg), Kraken (Ireland), OKX, Crypto.com and Gemini (Malta), Bybit, Bitpanda and KuCoin (Austria), Bitstamp (Luxembourg), BitGo (Germany) and Robinhood (Lithuania); no Binance entity was listed. MiCA's transitional period ran until 1 July 2026
Largest exchange theft on recordB About US$6.36B moved out of Binance wallets on 29 October 2026 (TRM Labs), roughly four times the US$1.5B Bybit theft of February 2025 that the FBI attributed to North Korea
I

Who you would be competing with

The operators already at scale here, and whoever is buying these businesses. In most of these industries the competition an entrant meets is local, so this is who sets the terms rather than a list of everyone in the trade.

Largest operator
Binance (privately held; regulated in Abu Dhabi by ADGM's Financial Services Regulatory Authority)
Scale
Binance does not publish audited revenue. It is the largest exchange by reserves, with $134B in total assets (DefiLlama, via Cointelegraph). After the theft it set aside $6.34B of company funds, $5B of it already held in the stolen tokens, and said it submits weekly reports on company funds to Abu Dhabi's Financial Services Regulatory Authority under a requirement that predates the hack (Cointelegraph).
Concentration
No audited share is published. The share contested from outside is decentralised trading: CoinGecko's top-10 spot DEX-to-CEX ratio was 23.5% in Q2 2026, up 2.1 points on Q1 (via Cointelegraph). Standard Chartered's digital-assets research said the Binance hack could push more trading to DEXs.
Others in the field
Coinbase (Nasdaq: COIN), Kraken (Payward; filed confidentially for an IPO in November 2025), Bybit, OKX, Bitget, Crypto.com, Gemini (Nasdaq: GEMI), and Robinhood (Nasdaq: HOOD), which now owns Bitstamp. In Canada: Wealthsimple, Coinsquare (Robinhood, through WonderFi), Newton, NDAX and Shakepay, plus Kraken and Coinbase Canada. Kraken's Canadian entity says it is a restricted dealer. Custody: Coinbase Custody Trust Company, Anchorage Digital Bank, BitGo and Fireblocks (technology).
Lock-in mechanism
Three things lock customers in: liquidity, balances and licences. Market makers quote where the volume is. Stablecoin balances earn the platform interest (Coinbase $306.9M in Q3 2026) whether or not anyone trades. And each new jurisdiction is a separate licence. Switching cost for a retail customer is low; for an institution with custody, staking and credit on one platform it is higher. This was not measured.
Price movement
No fee schedule was compared. Revenue moves with volume and coin prices, not with list prices. Coinbase's consumer transaction revenue fell 47% in Q3 2026 on a 59% fall in consumer spot volume; its blockchain rewards fell 54%, which it put down mainly to lower Solana and Ethereum prices. Robinhood's crypto revenue fell 55%.
Is the buyer consolidating?
Yes — Brokers and larger exchanges are buying licensed platforms. Robinhood bought Bitstamp (about $224M, June 2025) and WonderFi with Coinsquare (about $178M, June 2026). Coinbase bought Deribit in August 2025; the price was not read for this record. Kraken bought NinjaTrader, Breakout, Small Exchange and Capitalise.ai in 2025 (Cointelegraph and other coverage of its results). Coincheck was sold to Monex after its 2018 theft.
F

Financials & market size — sourced

Figures that came from a filing, a results release or reputable reporting, each carrying its evidence tier.

Coinbase FY2025 revenueA $7,181.3M, against $6,564.0M in FY2024
Coinbase Q3 2026 transaction revenueA $590.2M, down 44%; 51% of net revenue (59% a year earlier)
Coinbase Q3 2026 subscription and services revenueA $570.2M, down 20%: stablecoin $306.9M, blockchain rewards $85.7M, interest and finance fees $68.6M, other $109.0M
Coinbase hot-wallet policy and insuranceA 'Generally seek to hold no more than 2% of assets under custody in hot wallets'; holds 'corporate assets in excess of the total amount of assets held in our hot wallets'; a commercial crime policy with a one-year term; customer assets 'substantially more than our corporate assets and available insurance' (10-K FY2025)
Coinbase Data Theft Incident costA $311.2M of cash paid in 2025 for voluntary customer reimbursements and direct legal costs (10-K FY2025)
Kraken (Payward) 2025 adjusted revenueB $2.2B, up from $1.6B in 2024. Transaction volume up 34% to $2T. About 47% from trading and 53% from asset-based and other revenue. Company-reported and unaudited (via Cointelegraph)
Gemini Space Station FY2025A Revenue $179.6M (FY2024 $142.2M); net loss $582.8M. H1 2026 revenue $95.7M, net loss $216.7M (SEC XBRL)
BitGo Q2 2026A Total revenue $4,329.4M, of which digital-asset sales (reported gross) were $4,197.5M, staking $64.7M, subscriptions and services $27.5M, Stablecoin-as-a-Service $38.8M; net loss $19.0M. Custody fees are a small slice of the headline figure (10-Q filed 12 August 2026)
Binance theft fundingB $6.34B of company funds set aside; 90% of stolen assets replenished by 31 October 2026 from corporate treasury, part of SAFU and part of the futures insurance fund (Binance, via Cointelegraph)
!

Security incidents: the largest thefts from exchanges and crypto platforms

Ordered by amount at the time of theft. Attribution and cause are given as officially stated, and where official and analyst accounts differ, both are shown. Two rows (Poly Network and Ronin) are DeFi or bridge thefts, not exchanges, and are included for scale.

DateVenueAmountAttributionStated causeRecovery · sources
2026-10-29 Binance (global; largest exchange by reserves) B About US$6.36B by TRM Labs (value of each transfer when taken; about $6.23B at later prices), across ten blockchains, most of it in about 20 minutes from 20:05 UTC. Binance: 'estimated total impact' about $6.3B. Chainalysis: $5.912B at the time of theft FBI: North Korea, activity it calls 'TraderTraitor' (statement of 31 October 2026, reported by NBC News, AFP and CoinDesk; the FBI's own page could not be opened). TRM Labs: TraderTraitor, 'with high confidence'. Chainalysis also tied it to the group. Binance named no culprit The two accounts differ. Binance first said a compromised DevOps engineer's laptop may have let an attacker into a service container to submit unauthorised withdrawals. It later said it had 'uncovered additional points of breach' and found 'no evidence of any wallet private key leak'. TRM Labs: 'a compromise of Binance's hot wallet signing infrastructure', because wallets on ten chains with different signing schemes all produced valid signatures within about half an hour. Binance has promised a root-cause report About $3B frozen by Binance's count (TRM counted about $2.7B by 00:30 UTC on 30 October: Tether about 1.77B USDT, Circle about 825M USDC, Ripple 40.5M RLUSD, World Liberty Financial 27.8M USD1, Arbitrum Security Council about $30M). The attacker still held more than 420,000 ETH and 18,270 BTC (about $2.4B), which no issuer can freeze. Binance set aside $6.34B of company funds ($5B already held in the stolen tokens), said 'Binance will absorb the financial impact of the stolen funds, not users', and by 31 October had replenished 90%. Withdrawals were paused and set to resume on Sunday 1 Novembertrmlabs.com · thenextweb.com · cointelegraph.com · cointelegraph.com · cointelegraph.com
2025-02-21 Bybit (Dubai-based exchange) A About US$1.5B in virtual assets (FBI). The previous record FBI: North Korea, activity it calls 'TraderTraitor' (IC3 public service announcement PSA250226). TRM Labs: Lazarus Group Safe, the multisig wallet provider, said a developer's laptop was compromised. Malicious JavaScript was then served from Safe's infrastructure, not Bybit's (Safe and Mandiant findings, reported by Decrypt) Bybit offered a bounty of 10% of any assets frozen or recovered (TRM). Rival firms gave bridge loans, and Bybit's CEO said its reserves could cover the shortfall. Kaiko found Bybit's liquidity back at pre-hack levels within 30 days (Cointelegraph). Bybit's own announcements could not be reached from this agentic3.gov · trmlabs.com · decrypt.co · cointelegraph.com
2021-08-10 Poly Network (cross-chain DeFi protocol, not an exchange) B About US$610M An anonymous attacker who returned the funds; no state attribution in the sources opened Exploit of the protocol's smart contracts (reported); details not re-verified for this record Fully recovered by 25 August 2021. The attacker handed over the key to the wallet holding the stolen coins, and Tether released 33,431,200 USDT it had frozendecrypt.co
2022-03 Ronin bridge (Axie Infinity sidechain, not an exchange) B About US$600M The US Treasury tied North Korea's Lazarus Group to it by sanctioning an Ethereum address linked to the theft (April 2022, via TRM Labs). The FBI's own statement was not opened Not re-verified in a primary source for this record Not sourced for this recordtrmlabs.com
2018-01-26 Coincheck (Japan) B 523M NEM, about US$534M at the time None officially stated in the sources opened Not re-verified in a primary source for this record (Coincheck's 2018 pages are closed to crawlers by its robots.txt) Coincheck refunded all 260,000 affected users from its own capital at ¥88.549 per NEM, starting in March 2018. Japan's FSA issued business-improvement notices to eight exchanges. Monex Group bought Coincheck in April 2018cointelegraph.com · cointelegraph.com · cointelegraph.com
2014-02 Mt. Gox (Japan) C Widely reported as about 850,000 BTC missing at the collapse. That figure was not re-verified in a primary source for this record None stated in the sources opened Not re-verified for this record Still in civil rehabilitation in Japan. The trustee has moved the deadline for the base, early lump-sum and intermediate repayments from 31 October 2026 to 31 October 2027, and has made repayments in bitcoin and bitcoin cashmtgox.com
2026-09 Bitget B About US$352M (Cointelegraph headline) Bitget's CEO said he suspected North Korea, citing IP clues. ZachXBT reported that funds from the Bitget and Binance thefts were mixed at the same address. No official attribution Hot wallets (TNW) Not sourced for this recordthenextweb.com · cointelegraph.com
2024-05 DMM Bitcoin (Japan) B 4,502.9 BTC, about US$308M at the time (FBI) FBI, the US Defense Department's Cyber Crime Center (DC3) and Japan's National Police Agency: North Korea's TraderTraitor (joint statement of 23–24 December 2024) Per the FBI: social engineering of an employee at Ginco, a Japanese wallet-software company, through a fake recruiter on LinkedIn. The attackers then 'likely used this access to manipulate a legitimate transaction request by a DMM employee' The exchange then wound down (Cointelegraph: 'DMM Bitcoin exchange liquidates')cointelegraph.com
2024-07-18 WazirX (India) B About US$234M (Decrypt). TRM Labs gives US$235M TRM Labs: North Korean state-sponsored hackers. No government statement was opened for this record A multisig wallet held under a third-party custody arrangement. WazirX and its custody provider dispute the cause; neither account was verified in a primary source A Singapore court approved a restructuring scheme. Trading restarted on 24 October 2025, with BitGo as custodian and zero trading fees. Some users reported receiving only about 30% of their funds (Decrypt)decrypt.co · trmlabs.com
2016 Bitfinex B Not re-verified for this record Not sourced Not sourced In February 2022 the US Justice Department said law enforcement, including the FBI, had helped seize 94,000 BTC (US$3.6B at the time) linked to the hack (as reported by Cointelegraph)cointelegraph.com
2025-05 (disclosed in an 8-K on 15 May 2025) Coinbase: 'Data Theft Incident' (customer data, not a wallet theft) A No crypto taken from Coinbase wallets. Coinbase paid $311.2M in cash during 2025 for voluntary customer reimbursements and direct legal costs 'A threat actor' (10-K). No state attribution The threat actor obtained information about certain customer accounts and internal documents and used it for social-engineering attempts Reimbursements are counted in the $311.2M. Litigation and government investigations are ongoing (10-K)sec.gov

This is a business and market record, so the table covers losses, attribution, stated causes and recovery only. 'Frozen' means stablecoin issuers or networks blocked tokens on-chain; it is not the same as recovered, and Binance's replacement of stolen coins from its own funds is separate from the frozen amounts. The figures for Mt. Gox and Bitfinex, and the causes for Coincheck, Ronin and WazirX, were not re-verified in primary sources and are marked so in the table.

$

Market size, derived

Built from the competitor set upward rather than quoted from a forecast. Published TAMs in these categories are frequently reverse-engineered from each other, so any published figure is checked against the vendor arithmetic rather than trusted on its own.

Revenue floor
$9.9B

Disclosed revenue from 5 of 15 named vendors. The market is at least this large.

Implied total — revenue ÷ share
—

No vendor has both a disclosed revenue and a published share.

Published forecast
—Floor only

Only a revenue floor is known — the true market is larger by whatever the undisclosed vendors earn.

Competitor set · 15 named · 5 disclose revenue

NameRevenueShareNote
BinanceB not disclosed — Privately held; publishes no audited revenue. $134B total assets by reserves (DefiLlama via Cointelegraph). Lost about $6.36B on 29 October 2026
CoinbaseNasdaq: COINA $7.2B — FY2025 total revenue (10-K)
KrakenB $2.2B — 2025 adjusted revenue, company-reported and unaudited (Payward; via Cointelegraph)
RobinhoodNasdaq: HOODA $354M — Cryptocurrency transaction revenue, nine months to 30 September 2026 (10-Q); owner of Bitstamp and Coinsquare
GeminiNasdaq: GEMIA $180M — FY2025 revenue (10-K); net loss $582.8M
BybitB not disclosed — Privately held; no revenue published. Lost about $1.5B in February 2025 (FBI). Holds MiCA authorisation through Bybit EU GmbH (Austria)
OKXC not disclosed — Privately held; no revenue opened. MiCA authorisation through OKX Europe Limited (Malta)
BitstampA not disclosed — Owned by Robinhood since 2 June 2025 (about $224M); not broken out
BitGoNYSE: BTGOA $28M — Subscriptions and services revenue, Q2 2026 (10-Q). Total revenue of $4,329.4M is mostly gross digital-asset sales
Anchorage DigitalC not disclosed — Privately held. Anchorage Digital Bank N.A. is a national trust bank chartered by the OCC on 13 January 2021 (its own site). No revenue published
FireblocksC not disclosed — Privately held custody and wallet technology sold to exchanges and banks; no revenue published
WealthsimpleC not disclosed — Toronto; privately held; crypto revenue not broken out
CoinsquareA not disclosed — Coinsquare Capital Markets Ltd. is a CIRO dealer member and a wholly owned Robinhood subsidiary through WonderFi (about $178M, June 2026)
NewtonC not disclosed — Toronto; a CIRO dealer member and FINTRAC-registered money services business (its own site); no revenue published
NDAXC not disclosed — Calgary; describes itself as a CIRO-regulated platform; no revenue published

Evidence

Evidence. Tier A, read in filings: Coinbase's FY2025 total revenue comes from its SEC XBRL facts (10-K filed 12 February 2026). The Q3 2026 revenue breakdown, volume changes and assets on platform come from its 10-Q filed 29 October 2026. The hot-wallet policy, crime insurance, BitLicense and money-transmitter text and the $311.2M Data Theft Incident cash cost come from the FY2025 10-K. Robinhood's crypto revenue, crypto notional volume and the Bitstamp (~$224M) and WonderFi (~$178M) purchase prices come from its Q3 2026 10-Q. BitGo's revenue breakdown comes from its Q2 2026 10-Q. Gemini's revenue and losses come from SEC XBRL facts. The MiCA counts are from ESMA's interim CASP register CSV, counted by this agent on 31 October 2026. The Bybit attribution is the FBI's IC3 PSA250226. The Mt. Gox repayment deadline is from the trustee's own site. Tier B: the Binance theft figures, timeline and freezes are from TRM Labs' 29 October 2026 analysis, cross-read against TNW and Cointelegraph. Binance's own statements (laptop, 'additional points of breach', no private-key leak, $6.34B set aside, 90% replenished, SAFU and insurance fund) are as quoted by those outlets; Binance's announcement pages returned a bot challenge and were not opened. The FBI's 31 October attribution of the Binance theft to North Korea was seen only in headlines from NBC News, AFP/France 24, CoinDesk and ABC. Those sites' robots.txt files bar this agent, fbi.gov returned 403, and no IC3 PSA for it was listed when checked, so the FBI's exact wording was not read. Kraken's revenue is company-reported adjusted revenue (via Cointelegraph). The DMM, Coincheck, Poly Network, Ronin, WazirX and Bitget rows rest on Cointelegraph, Decrypt and TRM. Not sourced: Binance's, Bybit's and OKX's revenue (none publish audited figures); any fee-rate comparison; the CIRO application fee; the cost of an insurance policy; the Mt. Gox loss figure and the causes for Coincheck and Ronin. ciro.ca returned 403 and the CSA's authorised-platform list sits behind a firewall challenge, so the Canadian registration rule comes from the 2024 CSA/CIRO joint notice (via bcsc.bc.ca) and the firms' own disclosures. NAICS: 5232 was chosen for the marketplace function; see naicsNote. The Statistics Canada count describes conventional marketplaces and does not measure crypto platforms. The cut factor, and the argument that only a very large balance sheet survives a state-actor theft, are analyst judgment.

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Software serving this industry

Vertical software markets filed along the same branch of NAICS — who sells to these businesses, and who an entrant would have to displace.

No vertical software market has been recorded along this branch yet. The base industry report says what the subsector typically runs on.

Other records in this industry

Operating businessScreenedsame industry
Securities Exchange OperationOne thing must be true
binding constraint: incumbent vulnerability

An exchange looks like the purest toll road in finance, and TMX Group's 2025 shows why people want one: revenue of $1,717.2M, up 18%, with income from operations of $771.0M [A] — a 45% operating margin on a business that holds no inventory and takes no market risk. Recognition by a securities commission is a real hurdle, but it has been cleared in Canada more than once, so it is not the cut. The cut is that the incumbent is not vulnerable where the money is. Of TMX's revenue, equities and fixed-income trading and clearing — the only part a new marketplace actually contests — was $283.4M, about 17% [A]. The rest is capital formation ($297.4M), derivatives trading and clearing ($434.5M) and data, indices and analytics ($701.8M) [A]: lines that belong to whoever already has the issuers, the clearing house and the tape. A challenger venue can win matching share by cutting fees to near zero, and in doing so earns near zero, while order flow returns to the deepest book whenever spreads matter. Liquidity is the product, and only incumbency manufactures it. The 65 Canadian establishments are mostly one-to-four-person entities — holding shells, commodity and niche venues, representative offices — around a single 500-plus employer. The software sold to this industry is screened separately at 5231 and 5239.

NAICS 52324 vendors named11 sourced figuresOpen →