Crypto Exchanges Are the Least Trusted Financial Institutions, Survey Says

2023-9-6 20:40

A new report reveals that crypto exchanges rank as the least trusted financial service for non-crypto users. This finding comes despite growing interest in cryptocurrencies from both existing crypto owners and non-owners.

The report by CoinCover, called Securing the Future of Cryptocurrencies, surveyed over 16,000 people across nine countries. It found high levels of distrust towards crypto exchanges compared to traditional financial institutions.

Crypto Exchanges Less Trusted Than Buy-Now-Pay-Later Services

Among non-crypto users, only 10% said they completely trust crypto exchanges. This compares to 24% who completely trust commercial banks.

Crypto exchanges were even less trusted than buy-now-pay-later services like Klarna, which have been accused of pushing young people into debt with frivolous purchases. Unfortunately for the industry, crypto exchanges like Binance and Coinbase are also less trusted than credit card companies. Institutions that do not exactly have a stellar reputation.

Source: CoinCover

This distrust stems largely from recent instability and criminality in the crypto ecosystem. Money laundering and fraud were commonly cited as enabled by cryptocurrencies, with 31% associating crypto more with financial fraud than innovation.

In fact, more survey respondents expressed concerns about crypto (40%) than artificial intelligence (30%). This is likely driven by high-profile hacking incidents and scams eroding trust.

Just starting out in crypto? Look no further: 11 Best Crypto Exchanges for Beginners

However, the report also shows pent-up demand for crypto adoption. Fully 30% of non-crypto owners expect to invest within 12 months, signaling strong interest. But people are holding back due to systemic risks.

Price Volatility Is a Major Barrier for Users and Non-Users

Volatility (47%), hacking (43%), and risk of losing access (36%) were the top hurdles to crypto investment for crypto users. But complexity was a major barrier, with 30% of non-owners saying crypto is too hard to understand. Non-users also cited volatility (42%) and hacking (39%) as reasons for not getting involved.

However, there is some light on the horizon. According to the survey, 40% of 18- to 34-year-olds are likely to invest in crypto soon.

With the right focus on confidence building, the report holds out promise for crypto’s future. Nearly half (48%) of all respondents expressed confidence that crypto will overcome its challenges and find acceptance.

You can read the full report by CoinCover here.

The post Crypto Exchanges Are the Least Trusted Financial Institutions, Survey Says appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Formosa Financial (FMF) на Currencies.ru

$ 0.0004577 (+0.00%)
Объем 24H $0
Изменеия 24h: -0.11 %, 7d: 98.23 %
Cегодня L: $0.0004538 - H: $0.0004624
Капитализация $394.44k Rank 99999
Доступно / Всего 861.833m FMF

financial institutions crypto trusted survey exchanges least

financial institutions → Результатов: 126


This will allow 'financial institutions to offer customers the ability to buy, sell and hold bitcoin'

Allied Payment Network, a prominent provider of emerging payment technologies to financial institutions announced a partnership with NYDIG. The leading technology and financial services firm dedicatedThe post This will allow 'financial institutions to offer customers the ability to buy, sell and hold bitcoin' appeared first on AMBCrypto.

2021-7-6 21:00


As Digital ID Systems Expand, FATF Releases Guidance for Financial Institutions

Cryptocurrency is in a constant state of innovation lately, and the whole of the financial world needs to be prepared. The Financial Action Task Force (The Financial Action Task Force is preparing financial institutions and governments on the expansion of digital identification systems by sharing its latest AML and CFT guidelines.) has already prepared for […]

2019-11-5 00:15


Фото:

Financial Institutions & IBM Unveil LedgerConnect Blockchain Project

Market infrastructure provider CLS, nine financial institutions and IBM are collaborating on a proof-of-concept (PoC) for LedgerConnect, a distributed ledger technology (DLT) platform designed to enable banks, financial institutions, fintechs and software vendors to share and deploy applications and services hosted on a shared distributed ledger network.

2018-7-31 22:15


Фото:

Financial Institutions & IBM Unveil The LedgerConnect Blockchain Project

Market infrastructure provider CLS, nine financial institutions and IBM are collaborating on a proof-of-concept (PoC) for LedgerConnect, a distributed ledger technology (DLT) platform designed to enable banks, financial institutions, fintechs and software vendors to share and deploy applications and services hosted on a shared distributed ledger network.

2018-8-1 22:15


Lykke to list AMLT by Coinfirm on the Lykke Exchange

Lykke, a FinTech company building a regulated, blockchain-based global marketplace, will add Coinfirm’s AMLT token to the list of tradable assets on the Lykke Exchange. A leading global RegTech enterprise focused on anti-money laundering for blockchain, Coinfirm created AMLT as the native token of The Coinfirm AML/KYC Platform for major crypto players, ICOs and financial institutions.

2018-7-31 13:18


Canada Backs Central Bank-issued Crypto to Bring Economic Gains

An economic and crypto researcher at the Canda’s central bank says that the existence of CBDCs could provide better flexibility in creating monetary policies. Banking institutions from around the globe and other financial agencies have been largely promoting the idea of Central Bank-backed Digital Currencies (CBDCs). Off lately we have been seeing a lot of

2018-7-28 23:03


Iran’s Blockchain Association President Says US Govt Confiscated 500 BTC

The head of Iran's Blockchain Association, Sepehr Mohammadi, recently claimed that the US government has confiscated over 500 BTC from Iranian citizens traveling into and out of the country. In April, the Central Bank of Iran (CBI) banned banks and financial institutions in the country from dealing with cryptocurrencies. The CBI claimed that “All cryptocurrencies […]

2018-7-24 00:31


Фото:

Will Cryptocurrency Custody Services Fuel Institutional Demand?

Demand for secure cryptocurrency storage services is increasing. Meanwhile, investment managers and exchanges are creating services to meet the demand. Will this, in turn, encourage more high-net-worth and institutional investment in cryptocurrencies?  Traditional and high-value investors may still be wary of cryptocurrency exchanges, especially considering the frequency of major hacks.

2018-7-22 20:00


Former JPMorgan Executive Says Banks Know Cryptocurrencies Will Change the World

Traditional financial institutions have begun to notice how cryptocurrencies are disrupting their market. Salvador Casquero, former JPMorgan Head of Scandinavian Interest Rates Trading and Head of FX Sales at BBVA, two of the largest banks in the world, has said that banks have officially lost the race of finance to crypto and rapidly emerging fintech […]

2018-7-22 00:13


New Zealand’s SBS Bank Explores Using Blockchain For User Experience Benefits

In some very positive blockchain news, one of New Zealand’s leading banks, SBS Bank, appears to consider integrating blockchain support to provide better user experience to their local clients. This proactive approach is very promising as most financial institutions are not offering enough options for their clients who are interested in investing in cryptocurrencies. Based […]

2018-7-21 00:38


HSBC is ‘Cautious’ About Crypto and ‘Not Interested Now’ but Open to Change

HSBC Announces Partnership With Blockchain-Based Trade Platform In Hong Kong Cryptocurrency has been a sore subject for banks and other financial institutions for quite some time. There are many banks that have completely rejected crypto, even banning their customers from using their credit card to make purchases on any platform. However, there are other banks […]

2018-7-20 01:18


Pearl Pay Launches Initiative to Solve OFW Problems

Bitcoin Press Release: Pearl Pay is working on an ecosystem of products that will help Filipinos across the globe facilitate their money transactions, faster and cheaper. July 19, 2018, Manila Philippines – Pearl Pay, a Financial Technology Company that helps Small Banks, Financial Institutions and MSMEs (Micro, Small and Medium Enterprises) through its secured mainstream […] The post Pearl Pay Launches Initiative to Solve OFW Problems appeared first on Bitcoin PR Buzz.

2018-7-19 09:52


Фото:

A Bank In Australia Uses Mortgage Funds for Crypto Speculation

One of Australia’s oldest financial institutions, Bank of Queensland, has prohibited the use of home equity loans for virtual currency speculation. Also Read: Tether Announces Appointment of New Chief Compliance Officer Bank of Queensland Cracks Down on Customers Using Mortgage Funds to Trade Crypto Bank of Queensland has banned its customers from using loans that are

2018-7-14 11:26