For much of its short history, the cryptocurrency industry prided itself on existing outside the traditional financial system. Banks were slow, regulators were obstructive and institutional investors were viewed with suspicion. Crypto exchanges marketed themselves as the infrastructure of an alternative economy: borderless, decentralised and permanently online.

That era is ending.

By 2026, the centralised exchange business is beginning to look less like a speculative frontier and more like a recognisable segment of global financial infrastructure. The transformation is uneven, and in places uncomfortable, but increasingly difficult to ignore. Retail trading activity has cooled sharply, regulation is hardening across major jurisdictions…