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Cryptocurrency exchanges risk turning into perpetual “crypto casinos” the moment they list their first altcoin, warns River Financial CEO Alex Leishman. In a March 29 X post, Leishman cautioned that adding non-Bitcoin tokens puts exchanges on a “forever hamster wheel” of memecoin listings.
He argued that once platforms introduce a single altcoin, they are effectively bound to expand their token offerings—especially for ecosystems like Ethereum and Solana, where tokens proliferate.
“It makes no sense to list ETH if you don’t also list the tokens issued on it, and the same goes for Solana,” Leishman explained.
As the head of River Financial, a Bitcoin-only institution that steers clear of altcoins, Leishman drew a sharp distinction between Bitcoin-centric platforms and multi-asset exchanges. He contended that Bitcoin-only services prioritize long-term wealth building, while exchanges catering to altcoins often fuel short-term speculation.
“The casino business model is built around maximal extraction from customers,” Leishman wrote, stating that Bitcoin-only platforms like Swan Bitcoin, Bull Bitcoin, and Bisq focus on fostering genuine financial growth rather than speculative trading.
Altcoin Listings Spark a Never-Ending Cycle of Speculation
Leishman’s concerns echo broader skepticism from industry leaders. In April 2024, A16z CTO Eddy Lazzarin criticized the surge of memecoins, arguing that they detract from the long-term vision of crypto by encouraging risky, casino-like behavior.
However, despite criticism, exchanges continue to benefit from the memecoin frenzy. For example, Robinhood, which offers a range of altcoins, reported a 700% year-over-year increase in Q4 2024 crypto revenue—highlighting the lucrative nature of multi-asset trading platforms.
Memecoin Market Decline Contrasts with Exchange Profits
While exchanges profit from listing memecoins, the market itself is showing signs of weakness. The total memecoin market cap has plunged by 49% since January 1, 2025, now sitting at $48.49 billion, according to CoinMarketCap.
Still, some traders interpret memecoin listings as a signal of credibility, creating short-term pumps. In 2024, 12 out of 15 memecoins listed by Binance saw significant price surges post-listing, according to onchain analyst Ai_9684xtpa.
Despite the current market decline, CoinGecko founder Bobby Ong believes that a few memecoins may endure. He speculated that the market could eventually reflect an “extreme power law”, where 99.99% of tokens collapse, while a handful become long-term winners.
