- A CryptoComapree report shows that the spot trading volume on Binance stood at US $789 billion in September.
- Binance’ spot trading volume in July was US $454 billion.
- Binance’s derivatives volumes jumped almost 25% to US $1.7 trillion between July and September.
World’s leading cryptocurrency exchange Binance saw some tough months in recent times. First, the UK Financial Conduct Authority banned Binance from operating in the country. Then, it received regulatory crackdown in Hong Kong, Germany, and Japan. One would expect that with such a stringent regulatory crackdown, the customers’ confidence would go down for Binance. But to much surprise, recently released figures from UK researcher CryptoComparee show that the business has been good for the exchange in the last few months.
Trading volumes go up
The CryptoComapree reports shows that the spot trading volume on Binance stood at US $789 billion in September against the spot trading volume in July, which was US $454 billion, thereby cementing Binance’s position as the world's biggest digital asset platform.
Also read: 5 best crypto debit cards available in UK
This has been a pleasant surprise for the exchange as many had anticipated the exchange would struggle to get the customer confidence back and would take time before it can re-enter these markets.
In fact, the data showed that the derivatives volumes jumped almost 25% to US $1.7 trillion, the data showed.
The Reuters report highlighted that Binance's volume surge along the lines of the uptick Coinbase saw a couple of months back. With the prices of Bitcoin and other altcoins showing an upward movement in the market off late, the Binance’ volume also soared. Binance CEO Changpeng Zhao indicated that as an exchange Binance grew steadily in these months as the exchange improved its work on a daily basis and sorted out issues with regulatory authorities.
Singapore’s restriction on Binance
Singapore was the latest to target Binance stating that it was not adhering to the laws of the lad and should stop providing services to the users in the country. Binance almost immediately had to stop its services in the country and stopped the users from trading on its platform in the country.
To ensure that not only the investors’ money is kept safe, Binance initiated stricter background checks of its customers throughout the world. It also committed to stick to the exchange rules of the operating country.
The increase in trading volumes does send positive signals indicating that the customers haven’t been deterred by recent regulatory norms. They still trust Binance as an exchange and they feel trading through the exchange is safe. Binance, however, would need to return to favours by tightening their security protocols to ensure any form of lapses are avoided.