Bank AI

Read

<p class="is-style-lead">Russian traffic increased up to 20% on several tier-1 crypto exchanges in November, as Binance recorded significantly slower trading volume growth than its major competitors.&nbsp;</p> 
<p>According to the latest CEX data from <a href="https://wublock.substack.com/p/cex-data-in-nov-spot-trading-volume?r=jbpop&amp;utm_campaign=post&amp;utm_medium=web" target="_blank" rel="noopener">WuBlockchain</a>, most of November’s traffic inflow on top crypto exchanges such as Huobi, Deribit, Bitget, and Bybit came from Russian users. These exchange benefits significantly from Binance’s exit from the Russian market. Nearly 20% of Bybit’s traffic last month came from <a href="https://crypto.news/binance-to-stop-accepting-deposits-in-russian-rubles/">Russian</a> users – most from a single geographical location. This was also reflected in the exchange’s spot trading volume, as Bybit saw a 62.5% increase in November.&nbsp;</p> 
<p>Bitget also saw 10% of its traffic generated from Russia, which became its leading traffic source in Europe, and the platform also recorded a nearly 60% increase in its trading volume. Binance’s exit seemingly didn’t impact Russia’s crypto activities, as cryptocurrency transactions <a href="https://www.rbc.ru/crypto/news/65685b6b9a79478faced3692" target="_blank" rel="noopener">increased</a> by 53.9% in the country this year. According to the Bank of Russia, nearly 90 million Russian users visited crypto trading platforms in the second and third quarters of 2023.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/newly-published-doj-document-reveals-binances-supervision-requirements/"> Newly published DoJ document reveals Binance’s supervision requirements </a> </p> 
<h2 class="wp-block-heading" id="binance-impacted-despite-bull-market">Binance impacted despite bull market</h2> 
<p>Although every crypto exchange saw a substantial spike in trading volume due to the current bull market, Binance’s growth was notably lower than that of Coinbase, KuCoin, and OKX.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">CEX Data in Nov: MOM huge increase of 60% in spot trading, the top three are KuCoin at 109%, OKX at 93%, and Mexc at 70%; futures trading increased of 44.4% and website traffic increased 8.5% in November. Read more <a href="https://t.co/td8x51Tgis" target="_blank">https://t.co/td8x51Tgis</a> <a href="https://t.co/VosYDCt3Y4" target="_blank">pic.twitter.com/VosYDCt3Y4</a></p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1734174662576545853?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 11, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>KuCoin and OKX experienced massive 109% and 93% increases in their spot trading volume, whereas <a href="https://crypto.news/binance-settles-doj-sec-lawsuit-continues/">Binance</a> only saw a 54% increase. This shows that withdrawing from Russia and the recent criminal charges from the U.S. Department of Justice has significantly impacted the leading exchange’s growth.&nbsp;</p> 
<p> Read more: <a href="https://crypto.news/binance-to-stop-accepting-deposits-in-russian-rubles/"> Binance to stop accepting deposits in Russian rubles </a> </p>

Binance exit in Russia causes 20% traffic surge on top exchanges

Table of Contents

crypto.news

Other articles published on Dec 11, 2023

Bonk Inu Tak Terbendung, Lampaui Semua Kinerja Memecoin Popular Seperti DOGE, SHIB dan PEPE

Binance Announced The Permanent Suspension Of Russian Ruble On Its P2P Platform

Web3War® by Roll1ng Thund3rz to Introduce Skill2Earn Mechanics, Cross-Game Skins and More

Why did the crypto market drop amid the bull run?

Google amends crypto ad policy ahead of ETF approvals

The Avalanche Project (AVAX) Continues to Rise Despite Market Volatility

Join our free newsletter for daily crypto updates!