Exchanges with 24H trading volume exceeding 2.57%
$871.73
877.08% 
FreiExchange
Questionable Regulatory License
No Regulatory License
Be aware of the risks!
Basic Information
Country/RegionUnited Kingdom
Exchange AbbreviationFreiExchange
Exchange TypeCentralized Exchange
Operating Period5-10 years
Websitehttps://freiexchange.com/
Trade TypeSpot Trade
RiskNotice
2 risk alerts
Exchange Overview
Exchange Overview
Exchange
Business Region
InfluenceC0
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News
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WikiBit Exchange Runaway Risk Rankings – Episode 56: BloFin: Blacklisted by France's AMF, Delisted by India's FIU, and Ranked Last in On-Chain Reserves — How Long Can BloFin's “Polished Product” Hold Up?
Introduction: A Derivatives Exchange with a Polished Product but a Fragile Foundation In our previous 55 episodes, we investigated a wide range of exchanges, from HashKey to Coinbase. For Episode 56, were turning our attention to a rather specialized player: BloFin. When it comes to product design, BloFin does have some notable strengths. Founded in 2019 by Matt Hu, the founder of TokenInsight, the exchange officially launched in January 2023. Its core business focuses on perpetual futures and copy trading, offering 508 perpetual trading pairs, leverage of up to 150x, maker/taker futures fees of 0.02%/0.06%, and copy trading with a minimum starting amount of just 100 USDT. Its copy trading system offers three position modes, while its trader leaderboard additionally discloses risk-adjusted performance metrics such as the Sharpe, Sortino, and Calmar ratios — features that are relatively uncommon among comparable platforms. BloFin also claims to provide 1:1 asset reserves, Merkle Tree-based Proof of Reserves (PoR), independent monitoring by Nansen, and custody services through Fireblocks. However, the picture looks very different on the regulatory and financial fronts. BloFin is absent from ESMAs MiCA CASP register. Frances financial regulator, the Autorité des Marchés Financiers (AMF), has included it on its cryptocurrency blacklist since December 2024. On September 9,
WikiBit Exchange Exit Risk Rankings #50: Gate — “Licenses Everywhere, Warnings Everywhere.” A User Says It “Stole $1.7 Million,” Yet Its Reserve Ratio Stands at 118%
Introduction: An Exchange Surrounded by Both Licenses and Warnings In our first 49 installments, we examined a range of exchanges, from HashKey to KuCoin. For Episode 50, we turn to one of the most complicated compliance stories in the industry: Gate (Gate.io). On paper, Gate has an impressive track record. Originally launched as Bter.com in 2013, it now claims more than 63 million users worldwide and lists over 5,500 crypto assets. Its 24-hour spot trading volume has ranked as high as second globally. The platform reports total reserves of $8.688 billion, a reserve ratio of 118.49%, and multiple regulatory registrations and licenses, including Maltas MiCA authorization, Dubais VARA license, Cypruss CySEC license, and Australias AUSTRAC registration. But there is another side to the story. In 2025, the Cayman Islands Monetary Authority (CIMA) issued a public notice explicitly stating that Gate.io and Gate Global Corp had “never been licensed or authorized to conduct business in or from within the Cayman Islands”—the jurisdiction Gate has long identified as its place of registration. Taiwans Financial Supervisory Commission (FSC) has stated that Gate had not completed the required anti-money laundering registration and was therefore prohibited from providing virtual asset services locally. In July 2026, a longtime Gate user
WikiBit Exchange Exit Risk Rankings #49: KuCoin — Why Is an Exchange with World-Leading Proof-of-Reserves Transparency Repeatedly Facing Bans and Penalties?
Introduction: An “A-Student” Report Card on Regulatory Compliance In the first 48 installments, we investigated a range of exchanges, from HashKey to MEXC. For Episode 49, we turn to one of the most strikingly contradictory cases: KuCoin. In terms of transparency, KuCoin has delivered one of the most impressive performances in the crypto industry. Founded in 2017, it received a Proof-of-Reserves (PoR) transparency score of 96.7 out of 100 from CryptoQuant in 2025, ranking first globally. It has published Merkle tree-based Proof-of-Reserves reports for more than 39 consecutive months, undergone third-party verification by Hacken, and held a 6.69% share of the global spot market in Q1 2026, placing it among the worlds top three exchanges. But there is another side to the story. On October 13, 2026, South Koreas Financial Intelligence Unit (FIU) officially blocked access to KuCoins website, extending restrictions beyond its app to the web platform. The UKs Financial Conduct Authority (FCA) listed KuCoin as an unauthorized firm. In January 2025, KuCoin pleaded guilty to charges brought by the U.S. Department of Justice (DOJ), agreeing to pay more than $297 million in penalties and admitting to receiving billions of dollars in suspicious funds between 2017 and 2024. The Commodity Futures Trading Commission
