Crypto Exchanges Adapt to Changing Market Dynamics

Crypto exchanges have seen a shift in customer acquisition strategies as the market has matured and regulations have tightened. Gone are the days of aggressive marketing campaigns, influencer partnerships, and referral programs that brought in new users during the 2021 bull market.

According to Marcel Thiess, Director at Thiess Invest and former regional lead at Binance and Amber Group, 'the old playbook' of listing more tokens, influencer campaigns, sponsorships, and airdrops has worn off. Everyone is using the same strategies, making it harder to stand out and attract new users.

Exchanges are now focusing on building sustainable growth systems rather than just buying attention. Social media advertising, for example, is no longer as effective as it once was due to rising costs and regulatory restrictions. Instead, exchanges are targeting crypto-native networks where users are already active.

A study by HypeLab found that campaigns targeting these networks achieve 50-70% lower acquisition costs compared to broad demographic targeting. Referral programs have also experienced a similar transition, with users becoming less loyal to standalone referral links and more likely to leave once the incentive is gone.