Since the birth of Bitcoin and other cryptocurrencies in 2008, cryptocurrency exchanges have emerged to cater to the trading needs. The bankruptcy of Mt. Gox in 2014 revealed serious security issues with exchanges. Subsequently, regulatory laws for cryptocurrency trading started to develop. At different stages, new exchanges have stood out with asset innovation and functional innovation. For example, Binance emerged through its global strategy and trading processing capability, and Bybit quickly rose due to its derivative trading, among others.