CEXs are winding down left and right. And I honestly doubt the list ends here. Based on volume, fee potential, and operational stress, these are my highest likely targets to wind down next: 1/ @bitbns Around $50K in daily volume translates to roughly $125 in theoretical daily trading fees at 0.25%. The ongoing withdrawal disputes make that tiny revenue base look even worse. 2/ @WazirXIndia It currently processes around $100K in daily spot volume, equal to roughly $250 in theoretical daily fees at 0.25%. That’s not much to rebuild from after a $230M hack and a 16-month shutdown. 3/ @EMIREX_OFFICIAL It processes under $1M in daily volume across only 15 trading pairs. At its listed 0.1% fee, that implies less than $1K in theoretical daily trading fees before discounts and expenses. I'm not Nostradamus, but none of these fee bases look easy to sustain a CEX on.