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Business News/ Markets / Cryptocurrency/  Binance trading volumes surge 65% in August despite regulatory pressure
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Binance trading volumes surge 65% in August despite regulatory pressure

The growth happened despite regulators around the world stepping up pressure on the crypto exchange

A representation of the virtual cryptocurrency Ethereum is seen among representations of other cryptocurrencies in this picture illustration (REUTERS)Premium
A representation of the virtual cryptocurrency Ethereum is seen among representations of other cryptocurrencies in this picture illustration (REUTERS)

NEW DELHI : Binance Holdings Ltd, the world’s largest cryptocurrency exchange operator, saw 65% rise in trading volumes on its platform on a monthly basis, according to a report by digital asset data provider CryptoCompare. This was despite regulators around the world stepping up pressure on the crypto exchange.

Cryptocurrencies gained ground in August with bitcoin rising 18.3%, while ether saw a larger monthly increase of 35.7% following the London hard fork on 5 August.

Moreover, ether competitors experienced a significant rally, with both cardano and solana up 110.2% and 194.9%, respectively, during the month.

“This rally, combined with an NFT resurgence, contributed to a surge in trading volumes and open interest. For example, top-tier spot volumes increased 43.6% to $2.4 trillion in August, while a daily volume maximum of $104.8 billion was traded on the 23 August, up 7.9% from the intra-month high in July," CryptoCompare said in the report.

CryptoCompare ranks exchanges ‘top-tier" or ‘lower-tier’ based on factors that include, geography, legal/regulatory assessment, investment and market quality, among others.

As per CryptoCompare, top-tier exchanges now represent 91.7% of the total spot volume, while Binance traded the largest spot monthly volume in August, rising 65.2% month-on-month to $751 billion.

This was followed by OKEx trading $177.8 billion (up 82.4%), and Huobi Global trading $166 billion (up 79.4%). BeQuant, Coinbase and FTX followed, trading $109 billion (up 51.5%), $96.3 billion (up 79.1%) and $61.1 billion (up 73.5%) respectively.

Moreover, derivatives volumes also increased 37.8% in August to $3.4 trillion. Meanwhile, total spot volumes increased 40.0% to $2.6 trillion. The derivatives market now represents 56.6% of the total crypto market vs 56.9% in July.

Binance also led the derivative markets with 56.1% ($1.9 trillion) of total volumes in the month of August. This was followed by OKEx (14.3% market share, $488 billion) and Bybit (11.4% market share, $389 billion).

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Updated: 15 Sep 2021, 03:41 PM IST
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