[kbody]

Personally I consider major exchanges those that have had solid public presence for several years, with public executives and in general their actions.

So, it's not 85% of the major exchanges, it's 85% of the exchanges top ranked by CMC's volume as reported by the exchanges themselves. Anyone could create an illusion of an exchange and do a fake-generated behemoth of an exchange within a couple months.

The majority of the top-ranked CMC exchanges are just fake-volume generators making money from all those ICO tokens/altcoins that hope that getting listed will help their price, or most commonly just sell more of their tokens to more uninformed victims.

For most of those exchanges you can't even find a single human name throughout their site. There was a big rise of using white-label crypto-exchange products, so you don't need much to get one of those online, they even provide "liquidity" network.

It's a shitshow, but it's irrelevant or a useless detail to bitcoin's value and trading, most big firms like DRW/Cumberland etc. breath this things and I'm sure they have talked to their SEC buddies about it.