2022 was one of the most impactful years for centralised crypto exchanges since the collapse of Mt. Gox in 2014, with the fall of FTX raising many questions about the transparency of exchanges and what measures they are taking to protect users.The objective of this report is to assess the changing dynamics of this subsector following the turbulent events of 2022,whilst assessing what this might mean for the future of the digital asset industry in 2023.