Author Identifier (ORCID)
Cheuk Hang Au: https://orcid.org/0000-0002-2121-8573
Abstract
Purpose – Cryptocurrency exchanges operate in a hyper-volatile, “wild west” environment, fundamentally challenging existing theories of FinTech success that were built for stable markets. The literature lacks a framework to explain how firms thrive amidst such extreme regulatory ambiguity and institutional distrust. This study resolves this theoretical puzzle by developing a new principle for success in nascent, high-stakes digital ecosystems. Design/methodology/approach – We conduct a multiple-case study of 14 leading cryptocurrency exchanges. Using the belief–action–outcome (BAO) logic as an analytical guide, we deconstruct the strategic actions that separate successful exchanges from failures, synthesising them into a new, empirically grounded framework. Findings – We propose the LAS-VICT principle, a new set of seven critical success factors (CSFs): (1) low user burden, (2) high asset liquidity, (3) scalability, (4) variety, (5) innovativeness, (6) compliance sensitivity and (7) transparency. This framework advances FinTech theory by demonstrating that in low-trust environments, success is less about simple market adaptation and more about mastering a dynamic interplay between navigating volatility, managing complex compliance and actively manufacturing trust. Originality/value – This study is the first to offer a comprehensive theoretical framework for success in the crypto-exchange sector. By moving beyond the limitations of existing models, the LAS-VICT principle provides a powerful new lens for scholars, managers and regulators to understand and foster sustainable growth in the next wave of disruptive, trust-deficient digital economies, with cryptocurrencies being a dominating part.
Keywords
Bitcoin, cryptocurrencies, cryptocurrency exchange, FinTech
Document Type
Journal Article
Date of Publication
1-1-2026
Publication Title
Journal of Enterprise Information Management
Publisher
Emerald
School
School of Business and Law
Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.
First Page
1
Last Page
35
Comments
Au, C. H., Ho, K. K., Shieh, P., & Law, K. M. (2026). Exploring the LAS-VICT principle of cryptocurrency exchanges: a belief–action–outcome perspective. Journal of Enterprise Information Management. Advance online publication. https://doi.org/10.1108/JEIM-02-2025-0126