Khan, Asad ul IslamKhan, Asad ul IslamAysan, Ahmet FarukKhan, Asad ul IslamTopuz, HumeyraTunalı, Ahmet SemihYönetim Bilimleri Fakültesi, İktisat BölümüYönetim Bilimleri Fakültesi, İktisat Bölümü2021-04-022021-04-022021Aysan, A. F., Khan, A.I., Topuz, H. ve Tunali, A.S. (2021). Survival of the fittest: A natural experiment from crypto exchanges. The Singapore Economic Review.2175908https://doi.org/10.1142/S0217590821470020https://hdl.handle.net/20.500.12154/1444This paper explores the applicability of universal cryptocurrency exchange by analyzing crypto exchanges of Binance, Latoken, Kucoin and Qash, which also have their own cryptocurrencies in the crypto market. Results of the recursive Johansen cointegration test proved that even though all of the cryptocurrencies have cointegration among each other, Binance positively disassociated itself from the others after it moved to Malta on 23 March 2018. Based on the daily prices of cryptocurrencies over the period from 6 November 2017 to 10 November 2019, taken from coinmarketcap, we conclude that Binance can be considered as a survival of the fittest among all of the crypto exchanges in this natural experiment.eninfo:eu-repo/semantics/closedAccessBinanceCryptocurrency ExchangesDistributed LedgerStock Market UniversalityArticle10.1142/S0217590821470020Q3WOS:0006309608000012-s2.0-85103042328Q3