Top 3 centralized exchange tokens to avoid after FTX crash

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Top 3 centralized exchange tokens to avoid after FTX crash

By Onose Enaholo - min read
Updated 26 January 2023

The collapse of FTX has been the most important cryptocurrency news this week. Its challenges came a few months after other centralized exchanges (CEX) like Voyager Digital, Celsius, and BlockFi. Therefore, there are concerns about the safety of centralized exchanges and their tokens. Here are some of the top CEX tokens to avoid.

Kucoin Token (KCS)

KuCoin is one of the biggest crypto exchanges in the world. In May, the company raised $150 million at a valuation of over $10 billion from the likes of Jump Crypto, Circle Ventures, and IDG Capital. It has over 27 million customers. In addition to its exchange, the company is exploring becoming a major player in other industries like the metaverse and gaming.

In a statement this week, KuCoin’s CEO reiterated that the exchange was completely safe and that it was in a position to handle any outflows. He talked about a major hack that happened in the exchange in 2021, which it managed to cover internally. 

He also added that the company will release its Merkle tree proof-of-reserves in one month’s time. KuCoin Token price has crashed by more than 6% in the past 24 hours and over 19.54% in the past 7 days.

How to buy KuCoin Token

OKX (OKB)

OKX is a Seychelles-headquartered company that serves more than 20 million users in over 100 countries. It provides services like spot, margin, futures, options, perpetual swaps, DeFi, and OTC trading among others. 

OKB is the ecosystem’s native token. Like FTX’s FTT, the coin’s holders get trading fee discount that saves them up to 40% discounts. It is also used for passive income. Also, users can use it in places like Coinrule, Cobo, and Bitpie. OKB has a total supply limit of 300 million coins and burns many of them every three months. 

How to buy OKB

Huobi Token (HT)

Huobi Global is one of the biggest Chinese exchanges in the world. The company was started by Leon Li, a leading entrepreneur in the country. Huobi experienced substantial growth a few years ago. This happened as cryptocurrencies became more popular in China. 

Recently, however, the company experienced slow growth after China banned digital coins. It also experienced substantial competition from the likes of Binance and Coinbase. Last month, Leon exited his stake and sold it to About Capital, a firm associated with Justin Sun. While Huobi is doing well now, there are concerns about most offshore exchanges.

How to buy Huobi Token

Coingate

CoinGate is a Lithuanian-based fintech company founded in 2014. The payment gateway offers cryptocurrency payment processing services for businesses of any sizes. Permission-based account management, fiat payouts to the bank account and brand new email billing feature are just a few reasons why CoinGate has become a go-to payment processor for many.

KuCoin

KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 5 million registered users from 200+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique visit ranks the top 5 globally.