Following the Bitcoin mania which gripped the world at the end of 2017, cryptocurrency trading platforms have seen a massive increase in the number of user registrations, with more than 100,000 accounts being created every day.

The increased level of interest has resulted in leading cryptocurrency exchanges such as Binance, Coinbase, Bittrex, Kraken and Bitstamp struggling to deal with demand. While some of the exchanges have carried out system updates to improve their scalability, others have taken the decision to pause new user registrations.

Trading platforms have also had to deal with an increased level of scrutiny by various governments, with many exchanges now having to implement Anti-Money Laundering (AML) and Know Your Customer (KYC) checks.

These checks, which help to prevent and detect fraudulent transactions, require each application to be checked and approved manually. This process can be very time-consuming. However, failure to follow these procedures could result in trading platforms being hit by hefty fines or lawsuits.

In the coming months, it is expected that cryptocurrency exchanges and trading platforms will make further changes to address the increased number of users. However, until then, newcomers may find it difficult to open a trading account.