Exploring the LAS-VICT principle of cryptocurrency exchanges: a belief–action–outcome perspective

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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.

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