Two years from now, the crypto exchange landscape may look very different

The exchanges include Coinbase, Kraken, and Bitfinex, as well as the beleaguered Poloniex, which recently announced it would no longer be providing services to US-based customers, following regulatory issues and a near-total collapse of the company's market share.

Looking ahead, it is clear that the exchange market holds opportunity and danger in plentiful supply, and customer loyalty is not to be taken for granted.

In July, the company announced a regulated exchange for the Thai market, with another regulated exchange for Argentina announced in September.

The company has also moved to swiftly capture market share in Turkey, moving 'aggressively' into the country and providing a TRY-USDT fiat onramp through its partnership with a large bank in the country.

"Turkey has no regulatory framework in place. However, since entering the market we have been in contact with key stakeholders to ensure we are approaching matters the right way, and we are open to speaking with regulators when they begin considering a framework for blockchain and cryptocurrency. In new emerging markets like these, we are always one step ahead, and are setting a standard for operations ourselves."

In April 2017, Poloniex seemed practically unassailable, holding a market share of 58 percent in a display of sheer imperious dominance; today it struggles to clear $35M of daily volume.

Predicting the future shape of the market is no easy task, particularly in a crypto arena that is maturing at speed, but still retains a sliver of its frontier spirit.

One area which looks poised to grow in the short to medium term is the derivatives market, with physically delivered futures and CME's bitcoin options opening up a new frontier for exchanges.

With over $500 million of volume per day, derivatives market Deribit is in a position to take an overview of the market and to shape the future of futures trading.

"In two to three years we might see completely new market leaders, as customers require the performance of traditional markets and regulators demand more transparency. This might be detrimental for those exchanges that compromised quality over short term profits. I believe that the leader of the industry will be a unified market place with the performance of a traditional exchange, yet deeply rooted understanding of crypto space."