diff --git a/freqtrade/configuration/check_exchange.py b/freqtrade/configuration/check_exchange.py
index aa36de3ff..832caf153 100644
--- a/freqtrade/configuration/check_exchange.py
+++ b/freqtrade/configuration/check_exchange.py
@@ -2,8 +2,8 @@ import logging
 from typing import Any, Dict
 
 from freqtrade.exceptions import OperationalException
-from freqtrade.exchange import (available_exchanges, get_exchange_bad_reason, is_exchange_bad,
-                                is_exchange_known_ccxt, is_exchange_officially_supported)
+from freqtrade.exchange import (available_exchanges, is_exchange_known_ccxt,
+                                is_exchange_officially_supported, validate_exchange)
 from freqtrade.state import RunMode
 
 
@@ -57,9 +57,13 @@ def check_exchange(config: Dict[str, Any], check_for_bad: bool = True) -> bool:
                 f'{", ".join(available_exchanges())}'
         )
 
-    if check_for_bad and is_exchange_bad(exchange):
-        raise OperationalException(f'Exchange "{exchange}" is known to not work with the bot yet. '
-                                   f'Reason: {get_exchange_bad_reason(exchange)}')
+    valid, reason = validate_exchange(exchange)
+    if not valid:
+        if check_for_bad:
+            raise OperationalException(f'Exchange "{exchange}"  will not work with Freqtrade. '
+                                       f'Reason: {reason}')
+        else:
+            logger.warning(f'Exchange "{exchange}"  will not work with Freqtrade. Reason: {reason}')
 
     if is_exchange_officially_supported(exchange):
         logger.info(f'Exchange "{exchange}" is officially supported '
diff --git a/freqtrade/exchange/__init__.py b/freqtrade/exchange/__init__.py
index 0eedd25d8..8a5563623 100644
--- a/freqtrade/exchange/__init__.py
+++ b/freqtrade/exchange/__init__.py
@@ -8,10 +8,10 @@ from freqtrade.exchange.binance import Binance
 from freqtrade.exchange.bittrex import Bittrex
 from freqtrade.exchange.bybit import Bybit
 from freqtrade.exchange.exchange import (available_exchanges, ccxt_exchanges,
-                                         get_exchange_bad_reason, is_exchange_bad,
                                          is_exchange_known_ccxt, is_exchange_officially_supported,
                                          market_is_active, timeframe_to_minutes, timeframe_to_msecs,
                                          timeframe_to_next_date, timeframe_to_prev_date,
-                                         timeframe_to_seconds, validate_exchanges)
+                                         timeframe_to_seconds, validate_exchange,
+                                         validate_exchanges)
 from freqtrade.exchange.ftx import Ftx
 from freqtrade.exchange.kraken import Kraken
diff --git a/freqtrade/exchange/exchange.py b/freqtrade/exchange/exchange.py
index 768a02aa1..37d92e253 100644
--- a/freqtrade/exchange/exchange.py
+++ b/freqtrade/exchange/exchange.py
@@ -1307,14 +1307,6 @@ class Exchange:
                 self.calculate_fee_rate(order))
 
 
-def is_exchange_bad(exchange_name: str) -> bool:
-    return exchange_name in BAD_EXCHANGES
-
-
-def get_exchange_bad_reason(exchange_name: str) -> str:
-    return BAD_EXCHANGES.get(exchange_name, "")
-
-
 def is_exchange_known_ccxt(exchange_name: str, ccxt_module: CcxtModuleType = None) -> bool:
     return exchange_name in ccxt_exchanges(ccxt_module)
 
@@ -1335,18 +1327,21 @@ def available_exchanges(ccxt_module: CcxtModuleType = None) -> List[str]:
     Return exchanges available to the bot, i.e. non-bad exchanges in the ccxt list
     """
     exchanges = ccxt_exchanges(ccxt_module)
-    return [x for x in exchanges if not is_exchange_bad(x)]
+    return [x for x in exchanges if validate_exchange(x)[0]]
 
 
 def validate_exchange(exchange: str) -> Tuple[bool, str]:
     ex_mod = getattr(ccxt, exchange.lower())()
     if not ex_mod or not ex_mod.has:
         return False, ''
-    missing = [k for k in EXCHANGE_HAS_REQUIRED if not ex_mod.has.get(k)]
+    missing = [k for k in EXCHANGE_HAS_REQUIRED if ex_mod.has.get(k) is not True]
     if missing:
         return False, f"missing: {', '.join(missing)}"
 
     missing_opt = [k for k in EXCHANGE_HAS_OPTIONAL if not ex_mod.has.get(k)]
+
+    if exchange.lower() in BAD_EXCHANGES:
+        return False, BAD_EXCHANGES.get(exchange.lower(), '')
     if missing_opt:
         return True, f"missing opt: {', '.join(missing_opt)}"
 
diff --git a/tests/test_configuration.py b/tests/test_configuration.py
index 15fbab7f8..e480b7bc3 100644
--- a/tests/test_configuration.py
+++ b/tests/test_configuration.py
@@ -565,7 +565,7 @@ def test_check_exchange(default_conf, caplog) -> None:
     # Test a 'bad' exchange, which known to have serious problems
     default_conf.get('exchange').update({'name': 'bitmex'})
     with pytest.raises(OperationalException,
-                       match=r"Exchange .* is known to not work with the bot yet.*"):
+                       match=r"Exchange .* will not work with Freqtrade\..*"):
         check_exchange(default_conf)
     caplog.clear()