Highlights from CryptoCompare's December exchange review: rising market concentration (top 10 exchanges comprise 60% of total spot market volume), continued regulatory arbitrage (Maltese-registered exchanges represented the majority of trading volume thanks to Binance and Okex), crypto-to-crypto exchange dominance (c2c exchanges represented three quarters of spot volume), and improving regulatory compliance (exchanges that either strictly or partially require KYC represented 77% of monthly spot volume).