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,






