Back in 2018, there were at least a hundred exchanges in China—charging listing fees, issuing their own assets, taking advantage of losses, and all kinds of setups. In 2026, a wave of closures has arrived. Besides pure runaways, the main reason is that matching trades no longer make money, and the “newbies” have completed their evolution. Regulation is also stricter. Between major exchanges, competition is intense, and they start competing by offering more services—while smaller exchanges are even more likely to go under.