This was downvoted but it's actually true. Most volume is speculation driven and every speculator prefers the less regulated high leverage derivative venues. Re

This was downvoted but it's actually true. Most volume is speculation driven and every speculator prefers the less regulated high leverage derivative venues. Regulations have hurt Coinbase's volume in the exact same way that Japanese regulations almost killed Bitflyer. The biggest exchanges are now mostly Chinese - Huobi and Ok.