'The Inevitability Of Regulations In Web3' by tundefabusola defi cryptocurrency
have shown great interest in creating a holistic regulatory framework for crypto. The good, and perhaps surprising news, is that some crypto exchanges have welcomed this development.
CEXs essentially support regulations because it legitimizes their business model, they also support regulations because it allows them to take the lunch of DEXs. Despite the popularity of centralized exchanges like Binance, DEXs have been having a swell time in the crypto-verse. For example, they have 55% of the market share by trading volume. Because of their particularly lax attitude towards identity verification, DEXs are the perfect mules for money laundering and other illegal activities.
While it is theoretically difficult to regulate a decentralized exchange – after all that is the goal of their decentralization – it is not that difficult in the practical sense. Almost all DEXs have big and public players that could be potentially held accountable. Asides from that, about 85% of DeFi trading is done by just five players. This means that DeFi is certainly not as decentralized as one might be led to believe.
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