Analyzing Cryptocurrency Exchange Platform Performance: An Application of the DeLone & McLean Information Systems Success Model

Cryptocurrency trading platforms operate in highly volatile, technology-intensive, and risk-sensitive environments, yet empirical evaluations of their performance from an information systems perspective remain limited. Prior studies applying the DeLone and McLean Information Systems Success Model (ISSM) have largely focused on traditional e-commerce and e-learning contexts, leaving its applicability to cryptocurrency exchanges underexplored. This study addresses this gap by examining how system quality, information quality, and service quality influence system use, user satisfaction, and net benefits in cryptocurrency trading platforms. This study employs a quantitative research design using survey data collected from 389 active Binance users in Indonesia through purposive sampling. The proposed ISSM-based research model was analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) and Multi Group Analysis (MGA) to assess the relationships among system quality, information quality, service quality, system use, user satisfaction, and perceived net benefits. The findings indicate that four of the nine hypothesized relationships are statistically supported. System quality emerges as the most influential determinant of both system use and user satisfaction, highlighting the importance of platform reliability, performance, and usability. Information quality also demonstrates a significant effect, whereas service quality exhibits a limited direct influence on user outcomes. Overall, system use and performance-related factors play a more critical role in driving perceived net benefits than service-related attributes. This study extends the DeLone and McLean ISSM to the context of cryptocurrency trading platforms and demonstrates its relevance in high-risk, blockchain-based financial environments. The results offer theoretical insights by refining the relative importance of ISSM constructs in fintech settings and provide practical guidance for developers and platform architects to prioritize system robustness, efficiency, and usability to enhance user satisfaction and engagement.

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Publication Details

Journal
Journal of risk and financial management
Published
2026-03-31
DOI
https://doi.org/10.3390/jrfm19040248
Primary Topic
Technology Adoption and User Behaviour
Type
article
Field-Weighted Citation Impact
0.00
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article

Analyzing Cryptocurrency Exchange Platform Performance: An Application of the DeLone & McLean Information Systems Success Model

Jintanee Ru-Zhue, Ibnu Rohmadi, Somnuk Aujirapongpan, Berto Usman
Journal of risk and financial management
Technology Adoption and User Behaviour
article

Analyzing Cryptocurrency Exchange Platform Performance: An Application of the DeLone & McLean Information Systems Success Model

Jintanee Ru-Zhue, Ibnu Rohmadi, Somnuk Aujirapongpan, Berto Usman
article en

Abstract

Cryptocurrency trading platforms operate in highly volatile, technology-intensive, and risk-sensitive environments, yet empirical evaluations of their performance from an information systems perspective remain limited. Prior studies applying the DeLone and McLean Information Systems Success Model (ISSM) have largely focused on traditional e-commerce and e-learning contexts, leaving its applicability to cryptocurrency exchanges underexplored. This study addresses this gap by examining how system quality, information quality, and service quality influence system use, user satisfaction, and net benefits in cryptocurrency trading platforms. This study employs a quantitative research design using survey data collected from 389 active Binance users in Indonesia through purposive sampling. The proposed ISSM-based research model was analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) and Multi Group Analysis (MGA) to assess the relationships among system quality, information quality, service quality, system use, user satisfaction, and perceived net benefits. The findings indicate that four of the nine hypothesized relationships are statistically supported. System quality emerges as the most influential determinant of both system use and user satisfaction, highlighting the importance of platform reliability, performance, and usability. Information quality also demonstrates a significant effect, whereas service quality exhibits a limited direct influence on user outcomes. Overall, system use and performance-related factors play a more critical role in driving perceived net benefits than service-related attributes. This study extends the DeLone and McLean ISSM to the context of cryptocurrency trading platforms and demonstrates its relevance in high-risk, blockchain-based financial environments. The results offer theoretical insights by refining the relative importance of ISSM constructs in fintech settings and provide practical guidance for developers and platform architects to prioritize system robustness, efficiency, and usability to enhance user satisfaction and engagement.

Journal of risk and financial managementVol. 19(4)
Bilecik Şeyh Edebali Üniversitesi (TR), University of Bengkulu (ID), Silpakorn University (TH), Walailak University (TH)
Industry, innovation and infrastructure
Openalex Percentile: Top 23%
Technology Adoption and User Behaviour
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