The demand for digital assets is skyrocketing, and many businesses are now eager to create centralized crypto exchange to tap into the booming crypto market. Entrepreneurs researching how to create centralized crypto exchange often realize that starting early helps capture traders’ trust and market share. To succeed, it’s essential to create a cryptocurrency exchange with advanced trading features, security protocols, and regulatory compliance.Â
Whether you aim to start a cryptocurrency exchange with custom development or white label blockchain solutions, the choice of the right cryptocurrency exchange development company plays a vital role. From scalability to user experience, businesses must focus on building a platform that stands out. If you want to know the exact process to create centralized crypto exchange or wondering how much does it cost to start a crypto exchange in 2025, you’ll discover everything in this blog.
What is a Centralized Crypto Exchange (CEX)?
A Centralized Crypto Exchange (CEX) is a digital platform where users buy, sell, and trade cryptocurrencies under the control of a central authority. Businesses often aim to create centralized crypto exchange because CEXs dominate the global trading market due to their liquidity, speed, and security. Many entrepreneurs researching how to create centralized crypto exchange realize that these platforms provide better user trust compared to decentralized models. To succeed, you can start a cryptocurrency exchange with advanced features like wallets, payment gateways, and compliance tools.
Partnering with a reliable cryptocurrency exchange development company helps you build a cryptocurrency exchange platform with scalable architecture. Whether you choose custom vs white label blockchain solutions, selecting the best cryptocurrency exchange development company for startups ensures you can launch your cryptocurrency exchange successfully in 2025.
How Does a Centralized Crypto Exchange Work?
When businesses plan to create centralized crypto exchange, they need to understand its core functionality. A centralized crypto exchange (CEX) works like a digital marketplace where a central authority manages user accounts, order matching, and transactions. Unlike decentralized exchanges, users trade through the exchange’s infrastructure.
Step-by-Step Working Model of a Centralized Exchange:
- User Onboarding – Traders register, complete KYC/AML, and set up wallets.
- Deposit of Funds – Users deposit crypto or fiat into exchange wallets.
- Order Placement – Users place buy/sell orders.
- Trading Engine – The platform’s engine matches buyers and sellers instantly.
- Trade Settlement – Exchange updates balance in user wallets.
- Withdrawal – Users withdraw funds to personal wallets.
When you create centralized crypto exchange, your trading engine, wallet integration, and liquidity pool must be strong to ensure speed and security.
Why Should I Create Centralized Crypto Exchange Instead of a Decentralized One?
Many entrepreneurs compare CEX vs DEX before they decide to create centralized crypto exchange. While decentralized exchanges (DEX) offer anonymity, centralized platforms provide control, compliance, and better liquidity.
Feature | Centralized Exchange (CEX) | Decentralized Exchange (DEX) |
User Experience | Easy to use, beginner-friendly dashboards and mobile apps. | Complex interfaces, harder for new users. |
Liquidity | High liquidity, managed by exchange operators and market makers. | Low liquidity, depends on user activity and liquidity providers. |
Compliance (KYC/AML) | Fully regulated, requires user verification for compliance. | Often unregulated, minimal or no KYC. |
Security | Centralized security with multi-sig wallets, 2FA, DDoS protection, and insurance. | Dependent on smart contracts; vulnerable to bugs and exploits. |
Trading Speed | Millisecond-level order execution with powerful trading engines. | Slower execution due to blockchain network confirmations. |
Revenue Model | Multiple streams: transaction fees, listing fees, staking, margin trading, premium accounts. | Limited to transaction fees and liquidity provision. |
Scalability | Easily scalable with advanced server infrastructure and liquidity solutions. | Scalability depends on blockchain performance and congestion. |
Customer Support | 24/7 customer service, dispute resolution, and live chat. | No dedicated support; users rely on community forums. |
Governance | Controlled by a central authority or company. | Community-driven governance via token holders (DAO). |
Fiat Integration | Supports fiat-to-crypto and crypto-to-fiat via payment gateways and banking partnerships. | Limited or no fiat integration; usually crypto-only. |
Institutional Adoption | Trusted by institutional investors due to compliance, liquidity, and regulation. | Less trusted by institutions; popular among privacy-focused traders. |
Feature Innovation | Offers margin trading, futures, staking, and advanced order types. | Limited advanced trading features; mostly spot trading. |
Accessibility | Global availability, with apps on iOS, Android, and web platforms. | Access depends on blockchain availability; often limited to browsers. |
Regulatory Risks | Higher regulatory scrutiny but offers legal protection for traders. | Lower regulatory compliance but risks of being shut down in some regions. |
By choosing to create centralized crypto exchange, you gain stronger market adoption, compliance advantages, and faster scaling opportunities.
8 Easy Steps to Create Centralized Crypto Exchange in 2025
To create centralized crypto exchange, you need a structured roadmap that ensures compliance, scalability, and profitability. Many entrepreneurs and startups ask how to create centralized crypto exchange and which steps are crucial. Below is a detailed guide with 8 actionable steps.
Step 1: Define Business Goals and Legal Compliance
The first step to create centralized crypto exchange is identifying your business objectives:
- Who is your target audience? (Retail traders, institutions, or startups)
- Do you want to create a cryptocurrency exchange for global or regional markets?
- What legal requirements (KYC/AML, GDPR, SEC, MiCA) must you comply with?
- Get licensed in a crypto-friendly jurisdiction.
Tip: Partner with a cryptocurrency exchange development company that understands compliance challenges.
Step 2: Choose Custom vs White Label Blockchain Solutions
To create centralized crypto exchange, you must decide between:
- Custom Exchange Development
- High flexibility
- Long development time
- Higher cost
- White Label Exchange Development
- Faster time to market
- Affordable cost structure
- Pre-tested modules
Startups can launch your cryptocurrency exchange quickly with white label solutions, while enterprises may prefer custom builds.
Step 3: Build a User-Friendly Interface (UI/UX)
To retain traders, design matters. When you build cryptocurrency exchange platform, focus on:
- Mobile + Web compatibility
- Intuitive dashboards
- Advanced charting tools
- Easy navigation for beginners
- Multi-language support
Step 4: Develop Core Exchange Features
A successful plan to create centralized crypto exchange must include essential modules:
- Trading Engine – Fast order matching system
- Wallet Integration – Hot & cold wallets for secure storage
- Liquidity Management – Aggregators to ensure smooth trading
- Admin Dashboard – For monitoring transactions and users
- KYC/AML Modules – To verify user identity
- Fiat & Crypto Gateways – For seamless deposits and withdrawals
Step 5: Ensure Security & Compliance
Security builds trust. To create centralized crypto exchange that investors trust, add:
- Multi-signature wallets
- 2FA & biometric authentication
- Cold storage for most funds
- Anti-DDoS & firewall integration
- Regular audits and penetration testing
Step 6: Integrate Payment Gateways
For global adoption, integrate:
- Credit/Debit card payments
- Bank transfers (SWIFT, SEPA)
- Stablecoin and crypto-to-crypto swaps
- Fiat on-ramps and off-ramps
Pro Tip: The best company for crypto exchange services ensures smooth integration with banking APIs.
Step 7: Test and Optimize the Platform
Testing is crucial to create centralized crypto exchange that works under high traffic. Focus on:
- Load testing (millions of trades per second)
- Security audits (penetration & vulnerability testing)
- Beta testing with real users
- Compliance testing for regulatory standards
Step 8: Launch Your Cryptocurrency Exchange
The final step is to launch your cryptocurrency exchange with the right strategy:
- Marketing campaigns & PR
- Partnerships with token projects
- Community building (Telegram, Discord, X)
- Ongoing maintenance & upgrades
Comparison: Custom vs White Label Exchange Development
Factor | Custom Exchange | White Label Exchange |
Development Time | 3–12 months or more, depending on complexity and integrations | 1–3 months, with ready-made modules and faster deployment |
Cost | High (($300K – $500K+) due to custom coding, audits, and infrastructure | Medium ($30K–$300K), much lower due to pre-built framework |
Scalability | Unlimited, can build cryptocurrency exchange platform tailored for growth | High but predefined, scalability depends on vendor’s infrastructure |
Customization | Full customization, from UI/UX to backend and trading engine | Limited customization, mostly branding and minor feature tweaks |
Security Level | Enterprise-grade with custom audits and advanced protection layers | Good security, but depends on vendor’s built-in protocols |
Time-to-Market | Longer timeline, suitable for businesses with long-term strategy | Faster market entry, perfect to launch your cryptocurrency exchange quickly |
Maintenance & Upgrades | Requires in-house team or long-term partnership with development company | Ongoing support handled by the cryptocurrency exchange development company |
Integration Options | Unlimited integrations (banking APIs, liquidity providers, custom wallets, etc.) | Limited to vendor-provided APIs and plugins |
Regulatory Compliance | Tailored compliance for multiple jurisdictions | Standard compliance frameworks, additional licenses may require extra integration |
Innovation Potential | High – freedom to add new modules (NFTs, staking, DeFi features) | Moderate – depends on vendor roadmap and flexibility |
Risk Factor | Higher initial risk due to cost, development time, and complexity | Lower risk with pre-tested features and proven market-ready solution |
Best Suited For | Enterprises, large-scale crypto businesses, institutional exchanges | Startups, SMEs, entrepreneurs testing the market |
Final Thoughts
To succeed in 2025, follow these 8 easy steps to create centralized crypto exchange with the right technology, compliance, and user experience. Whether you start a cryptocurrency exchange with custom vs white label blockchain solutions or collaborate with the best cryptocurrency exchange development company for startups, the goal is to build a scalable, secure, and profitable trading ecosystem.
If you are wondering how to build a scalable cryptocurrency exchange platform or how much does it cost to start a crypto exchange in 2025, partnering with the best digital currency development company is the fastest way forward.
Key Features of Centralized Crypto Exchange
When entrepreneurs or enterprises create centralized crypto exchange, one of the most important considerations is the feature set. A well-designed centralized crypto exchange not only facilitates smooth trading but also ensures security, compliance, scalability, and a seamless user experience.
Below, we provide the must-have features that define a successful exchange.
Core Features to Include When You Create Centralized Crypto Exchange
- User Registration & Verification (KYC/AML)
When you create centralized crypto exchange, the very first step for a trader is account creation.
- Onboarding Flow: Simple registration with email, phone number, or social login.
- KYC Verification: Upload ID proofs, utility bills, biometric verification.
- AML Monitoring: Real-time checks to prevent fraud, money laundering, and illegal trading.
- Why Does It Matters? Regulatory compliance is mandatory. Without this, you cannot launch your cryptocurrency exchange legally.
- Powerful Trading Engine
The trading engine is the backbone when you create centralized crypto exchange.
- Core Functions: Order matching, trade execution, and transaction recording.
- Speed & Latency: Millisecond-level execution is critical in high-volume markets.
- Scalability: Must handle millions of orders per second for future growth.
- Why Does It Matters? A slow engine = frustrated users. A fast engine = global traders trust your platform.
- Multi-Currency Wallet Integration
When you create a cryptocurrency exchange, you must allow users to deposit, withdraw, and store assets securely.
- Hot Wallets: For active trading, with robust security protocols.
- Cold Wallets: For long-term storage and hack-proof security.
- Fiat Wallets: For deposits and withdrawals in USD, EUR, INR, etc.
- Why Does It Matters? Traders trust exchanges that safeguard assets with military-grade wallet infrastructure.
- Liquidity Management
Liquidity is the lifeline of any exchange. When you create centralized crypto exchange, liquidity must be planned.
- Internal Liquidity Pools: Create your own pool of assets.
- External Liquidity Providers: Integrate with market makers or larger exchanges.
- Cross-Exchange Liquidity: Link your platform with other exchanges for deeper order books.
- Why Does It Matters? Low liquidity causes price slippage, frustrated traders, and market manipulation.
- Advanced Order Book System
The order book is the interface between buyers and sellers.
- Market Orders: Instant buy/sell at current market prices.
- Limit Orders: Buy/sell at predefined price points.
- Stop-Loss Orders: Risk management tool for traders.
- Why Does It Matters? A transparent, real-time order book helps build trust in your platform when you create centralized crypto exchange.
- Payment Gateway Integration
When you create centralized crypto exchange, you must support fiat-to-crypto and crypto-to-fiat conversions.
- Bank Transfers: ACH, SEPA, UPI, SWIFT.
- Card Payments: Visa, Mastercard, Amex.
- Third-Party Providers: PayPal, Stripe, Apple Pay.
- Why Does It Matters? The easier it is to deposit and withdraw, the faster your exchange gains adoption.
- Admin & User Dashboards
A centralized crypto exchange must have two dashboards:
- User Dashboard: Real-time balances, trade history, portfolio tracking.
- Admin Dashboard: Control over user accounts, trading activities, compliance alerts, and liquidity.
- Why Does It Matters? Transparency and control are essential when you create centralized crypto exchange for a global audience.
- High-End Security Features
Security is the most searched keyword when businesses want to create centralized crypto exchange.
- 2FA Authentication: Google Authenticator, SMS, Email OTP.
- Anti-Phishing Tools: Custom security phrases in emails.
- DDoS Protection: Prevent system crashes.
- Multi-Signature Wallets: Shared authorization for withdrawals.
- Why Does It Matters? Over $3B in crypto was hacked in 2022–23. Without strong security, no exchange survives.
- Regulatory Compliance Tools
When you start a cryptocurrency exchange, compliance cannot be ignored.
- KYC/AML Automation: ID verification APIs (Onfido, Jumio, SumSub).
- Jurisdiction-Based Rules: Adapt features to different countries’ laws.
- Tax Reporting Features: Generate user tax reports automatically.
- Why Does It Matters? Compliance increases trust and prevents shutdowns by regulators.
- Mobile App & Multi-Platform Support
Most traders today trade on smartphones.
- Native Apps: iOS and Android.
- Web App: Responsive interface for browsers.
- Cross-Device Sync: Trade seamlessly across devices.
- Why Does It Matters? Without mobile apps, your exchange will lose 70% of potential users.
Table: Features to Prioritize When You Create Centralized Crypto Exchange
Feature | Importance | Impact |
Trading Engine | Executes trades with speed and accuracy. | Determines trust and reliability. |
Wallet System | Multi-layered wallets for fiat & crypto. | Ensures asset safety & trader confidence. |
Liquidity Management | Smooth trading with deep order books. | Prevents price volatility & slippage. |
Security Protocols | 2FA, SSL, DDoS, Multi-sig. | Builds global trust and prevents hacks. |
Compliance (KYC/AML) | Ensures adherence to laws in each region. | Enables long-term business sustainability. |
Dashboards | User-friendly UI + admin monitoring. | Enhances transparency and experience. |
Mobile Apps | Mobile-first design for global traders. | Expands adoption and usability worldwide. |
Summary
To create centralized crypto exchange in 2025 and beyond, you must integrate:
- Security-first architecture
- Regulatory compliance (KYC/AML)
- Liquidity solutions
- Mobile-first trading apps
- Scalable trading engines
A centralized exchange with these core features will not only attract traders but also position itself as a long-term, trustworthy platform in the global crypto market.
Why Create Centralized Crypto Exchange in 2025?
The cryptocurrency industry is evolving rapidly, and 2025 presents a golden opportunity for entrepreneurs, startups, and enterprises to create centralized crypto exchange. Centralized platforms remain the backbone of digital asset trading, providing liquidity, scalability, and trust that decentralized exchanges often struggle to match. If you are researching how to create centralized crypto exchange, this is the right year to invest and scale.
Top Reasons to Create Centralized Crypto Exchange in 2025
When businesses plan to create centralized crypto exchange, they unlock several advantages:
- Liquidity and Market Depth
- High transaction volume ensures faster order matching.
- Traders prefer CEXs because they can buy/sell without slippage.
- New tokens gain visibility when listed on centralized platforms.
- Scalability and Performance
- You can build a cryptocurrency exchange platform that processes millions of trades per second.
- Centralized infrastructure supports heavy traffic during market surges.
- By choosing the right cryptocurrency exchange development company, you can optimize for high performance.
- Revenue Potential
- Transaction fees (primary income).
- Token listing fees for projects.
- Premium subscriptions and margin trading.
- Staking, lending, and borrowing features.
- Trust and Compliance
- Investors trust centralized exchanges more than decentralized ones.
- Compliance with KYC/AML builds credibility.
- Governments increasingly regulate CEXs, making them more secure for users.
- Global Expansion
- You can start a cryptocurrency exchange and serve multiple jurisdictions.
- Easy integration of fiat-to-crypto payments attracts mainstream users.
- Partnerships with banks and payment providers are easier for centralized platforms.
Business Benefits of Creating Centralized Crypto Exchange
Benefit | Why It Matters in 2025 | How It Helps if You Create Centralized Crypto Exchange |
High Liquidity | Attracts traders, ensures smooth order execution | Builds user confidence and increases volume |
Regulatory Compliance | Adheres to local/global laws | Creates trust with investors and governments |
Flexible choice for startups and enterprises | White label = fast launch, Custom = full scalability | |
Revenue Models | Trading fees, listings, premium accounts | Multiple income streams |
User-Centric Features | Wallets, payment gateways, advanced trading tools | Retains and grows user base |
Partnership Opportunities | Banks, fintechs, and Web3 projects | Expands ecosystem |
Why 2025 Is the Right Year to Create Centralized Crypto Exchange
- Mass Adoption of Crypto – Retail and institutional investors are entering crypto in 2025.
- Advanced Blockchain Tech – Mature frameworks for Bitcoin exchange platform development.
- Cost-Effective Options – White label solutions lower how much do it cost to start a crypto exchange in 2025.
- AI + Blockchain Integration – Smarter fraud detection, trading bots, and personalization.
- Government Regulations – Clarity in laws makes it easier to launch your cryptocurrency exchange legally.
- Growing Competition – Startups can stay competitive by choosing the best cryptocurrency exchange development company for startups.
Other Advantages of Centralized Exchanges
- Easier Fiat Integration – Unlike DEXs, CEXs allow fiat-to-crypto transactions.
- Better UI/UX – Intuitive design attracts beginners and professionals alike.
- Robust Security – Cold wallets, 2FA, and smart audits.
- Institutional Investors – Large funds prefer regulated centralized exchanges.
- Ecosystem Growth – Easier to add NFTs, staking, and DeFi-like products later.
What Are the Benefits of Centralized Crypto Exchanges for Traders?
When you create centralized crypto exchange, your traders enjoy multiple benefits that drive user adoption. These benefits explain why centralized platforms dominate over 70% of the global trading volume.
Key Benefits for Traders:
- High Liquidity – Ensures smoother and faster trades.
- User-Friendly Interface – Beginner-friendly dashboards.
- Faster Trade Execution – Orders processed within milliseconds.
- Fiat Support – Traders can deposit/withdraw in multiple fiat currencies.
- Security Protocols – Exchanges offer multi-sig wallets, 2FA, anti-phishing tools.
- Advanced Trading Tools – Margin trading, stop-loss, analytics.
- Customer Support – 24/7 support builds user trust.
- Regulated Environment – Increases confidence among institutional investors.
Pro Tip: If you plan to create centralized crypto exchange, focus on liquidity management and mobile-first design to attract traders.
In 2025, the best way to capture opportunities in the booming blockchain market is to create centralized crypto exchange. Whether you decide to start a cryptocurrency exchange using custom vs white label blockchain solutions, or partner with the best company for crypto exchange services, timing is crucial. With high liquidity, multiple revenue models, and strong investor trust, centralized platforms remain the future.
If you are wondering which is the best company for cryptocurrency development, always look for a partner that offers end-to-end services, from crypto coin development service in USA to Bitcoin exchange platform development. Now is the perfect time to create centralized crypto exchange and lead the digital economy of tomorrow.
How Shamla Tech Helps You Create Centralized Crypto Exchange
At Shamla Tech, we specialize in helping startups, enterprises, and financial institutions create centralized crypto exchange platforms that are scalable, secure, and future-ready. With years of expertise in cryptocurrency exchange development, we ensure that your exchange is not just functional but also competitive in the fast-growing Web3 ecosystem.
Our Expertise in Building Centralized Exchanges
We at Shamla Tech follow a proven development process to create centralized crypto exchange with maximum efficiency:
- Consultation & Requirement Gathering
- We understand your business model, target audience, and compliance needs.
- Our experts suggest the best path—whether to create a cryptocurrency exchange from scratch (custom) or choose a white label exchange.
- Exchange Architecture Design
- Scalable trading engine, liquidity management, and order-matching algorithms.
- User-friendly UI/UX to attract traders and investors.
- Feature-Rich Development
- Multi-currency wallet integration.
- Advanced security (2FA, multi-sig wallets, cold storage).
- High-frequency trading engine with millisecond order execution.
- Security & Compliance
- KYC/AML modules to ensure regulatory compliance.
- Smart contract audits and penetration testing to secure user funds.
- Liquidity & API Integration
- Deep liquidity pools and market-making tools.
- API support for third-party trading bots, wallets, and DeFi platforms.
- Testing & Quality Assurance
- Stress testing, bug fixing, and scalability testing to ensure performance.
- Launch & Deployment
- We help you launch your cryptocurrency exchange on Web, iOS, and Android.
- Seamless deployment with 24/7 monitoring.
- Post-Launch Support
- Continuous updates, feature scaling, and technical maintenance.
Why Choose Shamla Tech to Create Centralized Crypto Exchange?
- End-to-End Development – From idea to launch.
- Custom & White Label Options – Flexible for enterprises & startups.
- Regulatory Expertise – Guidance for legal licensing worldwide.
- Future-Ready Tech – AI, DeFi, NFT, and metaverse integrations.
- Proven Track Record – Delivered 100+ blockchain projects.
With Shamla Tech, you don’t just create centralized crypto exchange — you build a long-term revenue-generating platform with enterprise-grade security, compliance, and global reach.
FAQs
- How much does it cost to create centralized crypto exchange in 2025?
The cost to create centralized crypto exchange in 2025 varies widely and depends on multiple factors such as development approach, features, scalability, security, user base, and compliance requirements.
- Custom Development → $300K – $500K + (3–12 months)
- Built from scratch with advanced trading engines, high-level security, and full customization.
- Ideal for enterprises that want complete control and long-term scalability.
- White Label Exchange → $30K – $300K (1–3 months)
- Pre-built exchange solutions that can be customized and launched quickly.
- Best suited for startups that want to enter the market fast at a lower cost.
In short, the more advanced and compliant you want your exchange to be, the higher the cost to create centralized crypto exchange in 2025.
- What is the difference between custom vs white label blockchain solutions for exchanges?
When you create centralized crypto exchange, you can choose:
- Custom Exchange → Fully built from scratch, highly scalable, enterprise-level.
- White Label Exchange → Pre-built, fast launch, cost-effective, ideal for startups.
- How do centralized crypto exchanges make money?
A centralized crypto exchange earns through:
- Trading fees (buy/sell).
- Listing fees for tokens.
- Margin trading and futures.
- Staking and lending services.
- Premium memberships.
- What is the ROI if I start a centralized crypto exchange?
The ROI of creating centralized crypto exchange can be very high, as exchanges generate millions in transaction fees. Profitability depends on:
- Trading volume.
- Liquidity.
- User adoption.
- Monetization features.
- What are the essential features when you create centralized crypto exchange?
Key features include:
- Secure wallets (hot & cold).
- Powerful trading engine.
- KYC/AML compliance.
- Liquidity management.
- Multi-device trading apps.
- How to build a scalable centralized crypto exchange platform?
To create centralized crypto exchange with scalability:
- Use a modular architecture.
- Integrate high-performance trading engines.
- Ensure cloud scaling.
- Add liquidity pools.
- Optimize databases for millions of transactions.
- How secure are centralized crypto exchanges?
When you create centralized crypto exchange with the right security, it can be very safe. Features like 2FA, SSL, DDoS protection, multi-sig wallets, and encryption secure user assets.
- Can centralized exchanges be hacked? How to prevent it?
Yes, but strong measures reduce risks. To create centralized crypto exchange securely:
- Use cold storage for funds.
- Enable multi-signature withdrawals.
- Regular security audits.
- AI-based fraud detection.
- What licenses are required to launch a centralized crypto exchange legally?
To launch your cryptocurrency exchange, you may need:
- MSB license (USA).
- EMI license (EU/UK).
- Virtual Asset Service Provider (VASP) license.
- Local crypto licenses depending on jurisdiction.
- Is 2025 a good time to create centralized crypto exchange?
Yes. The crypto market is expanding in 2025, and demand for secure, compliant, and scalable exchanges is at its peak. With more institutional adoption, it’s the right time to create centralized crypto exchange.
- What’s the future of centralized crypto exchanges beyond 2025?
Future trends include:
- AI-driven trading assistance.
- Deeper liquidity pools.
- Hybrid CEX-DEX models.
- Institutional adoption.
- Global compliance frameworks.
- What are the challenges startups face when they start a cryptocurrency exchange?
Startups that create centralized crypto exchange face challenges like:
- High initial cost.
- Licensing and legal compliance.
- Liquidity management.
- Security risks.
- Competition with established exchanges.
