The UK branch of the crypto exchange reported significant losses.
This confirms that 2022 was a challenging period for companies in the industry.
Bitstamp's CEO, CEO, Jean-Baptiste Graftieaux
Another
popular crypto exchange has joined the ranks of the digital asset companies that
were significantly impacted by the industry downturn in 2022. Bitstamp's
financial report was released this week summarizing the past year in reflection of the previous year. Its revenue dropped to almost a fifth of its previous figures seen in 2021; its turnover more than halved in value, ending with a net loss of
over €7 million.
Bitstamp: €37
Million Profit to a Loss of €7Million
Bitstamp
Limited, registered in the UK, published its full accounts and summarized the results
for 2022. It exhibited a substantial decline compared to the record-breaking
year of 2021, reflecting how the digital asset market's condition changed over
these two years.
In 2021,
when a single Bitcoin (BTC) was valued at nearly $70,000, Bitstamp's revenue
reached €109 million, with a profit of €37 million. However, in 2022, when
BTC's price dropped to as low as $15,000, its revenues shrank to
€29 million. Simultaneously, the net profit shifted to a loss of €7 million.
Other
significant financial indicators of the cryptocurrency exchange also depreciated. The total volume plummetted from €117 million to just under €55 million.
At the same time, the company incurred higher administrative costs than in
2021, amounting to €57 million.
Scan of Bitstamp's report seen by Finance Magnates. Source: Gov.uk
As the
company admits, such significant declines in performance were caused by
"unfavorable market conditions and the reduction in trading volumes."
The latter was due to transferring part of the business to three subsidiary
companies: Bitstamp USA, Bitstamp Global, and Bitstamp Europe. The report also
mentioned the negative impact of the war in Ukraine on conducting business in
Europe.
"The
company's total assets decreased to EUR 358,901,713 compared to EUR
1,344,442,798 in 2021. This is mainly driven by the lower trading volumes
during the year and a consequence of the transfer of business mentioned above,"
the company commented in the financial report.
As it turns
out, the negative effects of the crypto winter have not ceased in 2022. The latest
reports from publicly listed cryptocurrency companies Galaxy Digital and Riot
Blockchain for Q2 2023 show a continuation of the negative trend. Both companies
reported a net loss explained by challenging market conditions.
Bitstamp Hunts for Funds and Halts Part of US
Trading
The 2022
financial report was published at a time when there is much discussion about Bitstamp, the
crypto exchange. On Tuesday, it
announced its plans to seek new investors, launch derivatives trading in
Europe, and expand its operations in the UK and Asian markets.
Bitstamp's
CEO, Jean-Baptiste Graftieaux, revealed that the company is seeking new funding
and a strategic sponsor to achieve these plans and rebuild its position as one
of the world's largest cryptocurrency exchanges.
According
to data from Kaiko, Bitstamp's US branch, which holds a BitLicense issued by
New York State, has gained some of the local market share in 2023. Meanwhile, other
popular platforms, such as Binance US, have become less significant, partly due
to regulatory issues and lawsuits.
However, it
turns out that regulatory problems have ultimately affected Bitstamp.
Yesterday (Wednesday), the exchange announced the suspension of trading for
several cryptocurrencies in the US due to legislative issues. The suspension
will take effect from August 29, affecting Axie Infinity (AXS), Decentraland
(MANA), Chiliz (CHZ), Sandbox (SAND), and Solana (SOL).
Another
popular crypto exchange has joined the ranks of the digital asset companies that
were significantly impacted by the industry downturn in 2022. Bitstamp's
financial report was released this week summarizing the past year in reflection of the previous year. Its revenue dropped to almost a fifth of its previous figures seen in 2021; its turnover more than halved in value, ending with a net loss of
over €7 million.
Bitstamp: €37
Million Profit to a Loss of €7Million
Bitstamp
Limited, registered in the UK, published its full accounts and summarized the results
for 2022. It exhibited a substantial decline compared to the record-breaking
year of 2021, reflecting how the digital asset market's condition changed over
these two years.
In 2021,
when a single Bitcoin (BTC) was valued at nearly $70,000, Bitstamp's revenue
reached €109 million, with a profit of €37 million. However, in 2022, when
BTC's price dropped to as low as $15,000, its revenues shrank to
€29 million. Simultaneously, the net profit shifted to a loss of €7 million.
Other
significant financial indicators of the cryptocurrency exchange also depreciated. The total volume plummetted from €117 million to just under €55 million.
At the same time, the company incurred higher administrative costs than in
2021, amounting to €57 million.
Scan of Bitstamp's report seen by Finance Magnates. Source: Gov.uk
As the
company admits, such significant declines in performance were caused by
"unfavorable market conditions and the reduction in trading volumes."
The latter was due to transferring part of the business to three subsidiary
companies: Bitstamp USA, Bitstamp Global, and Bitstamp Europe. The report also
mentioned the negative impact of the war in Ukraine on conducting business in
Europe.
"The
company's total assets decreased to EUR 358,901,713 compared to EUR
1,344,442,798 in 2021. This is mainly driven by the lower trading volumes
during the year and a consequence of the transfer of business mentioned above,"
the company commented in the financial report.
As it turns
out, the negative effects of the crypto winter have not ceased in 2022. The latest
reports from publicly listed cryptocurrency companies Galaxy Digital and Riot
Blockchain for Q2 2023 show a continuation of the negative trend. Both companies
reported a net loss explained by challenging market conditions.
Bitstamp Hunts for Funds and Halts Part of US
Trading
The 2022
financial report was published at a time when there is much discussion about Bitstamp, the
crypto exchange. On Tuesday, it
announced its plans to seek new investors, launch derivatives trading in
Europe, and expand its operations in the UK and Asian markets.
Bitstamp's
CEO, Jean-Baptiste Graftieaux, revealed that the company is seeking new funding
and a strategic sponsor to achieve these plans and rebuild its position as one
of the world's largest cryptocurrency exchanges.
According
to data from Kaiko, Bitstamp's US branch, which holds a BitLicense issued by
New York State, has gained some of the local market share in 2023. Meanwhile, other
popular platforms, such as Binance US, have become less significant, partly due
to regulatory issues and lawsuits.
However, it
turns out that regulatory problems have ultimately affected Bitstamp.
Yesterday (Wednesday), the exchange announced the suspension of trading for
several cryptocurrencies in the US due to legislative issues. The suspension
will take effect from August 29, affecting Axie Infinity (AXS), Decentraland
(MANA), Chiliz (CHZ), Sandbox (SAND), and Solana (SOL).
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
From Chat to Stock: xStocks Puts Tokenized U.S. Equities Inside TON Wallet on Telegram
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
