To map the worldwide crypto scene is an impossible task. One encounters a practically opaque network of crypto exchanges such as Binance, ByBit, KuCoin, BitGet, etc., and connected payment processors such as Advcash or Mercuryo. For example, the FIAT transactions of the crypto exchanges are processed via the latter. Of course, this is a very simplified representation. But you have to start somewhere. The “101 Crypto Ecosphere” chart shown above is such a start.
Analyzing the Similarweb statistics of crypto exchanges and their payment processors, it is possible to follow very nicely (without knowing details) how the networks work. In the case of Mercuryo, you can see very nicely that the vast majority of referral traffic comes from crypto exchanges.
The Regulatory Challenge
Regulators and law enforcement are regularly overwhelmed when they want to verify the legality of the transactions of crypto exchanges and their payment processors. Transactions are conducted across a wide range of legal entities and jurisdictions. Despite Western sanctions, many crypto exchanges accept Russian customers (individuals and merchants). These Russian-related transactions are also processed through connected payment processors.
If you have any information about the crypto scene and networks, please share it with us through our whistleblower system, Whistle42.