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 <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 WuBlockchain, most of November’s <a rel="dofollow" title="traffic" href="https://thebittimes.com/tag/traffic.html">traffic</a> inflow on top crypto <a rel="dofollow" title="exchanges" href="https://thebittimes.com/tag/exchanges.html">exchanges</a> such as Huobi, Deribit, Bitget, and Bybit came from Russian users. These <a rel="dofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a> benefits significantly from Binance’s exit from the Russian market. Nearly 20% of Bybit’s <a rel="dofollow" title="traffic" href="https://thebittimes.com/tag/traffic.html">traffic</a> last month came from Russian users – most from a single geographical location. This was also reflected in the <a rel="dofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>’s spot trading volume, as Bybit saw a 62.5% increase in November.&nbsp;</p> 
 <p>Bitget also saw 10% of its <a rel="dofollow" title="traffic" href="https://thebittimes.com/tag/traffic.html">traffic</a> generated from Russia, which became its leading <a rel="dofollow" title="traffic" href="https://thebittimes.com/tag/traffic.html">traffic</a> 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 increased 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> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Newly published DoJ document reveals Binance’s supervision requirements 
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 <h2 class="wp-block-heading" id="binance-impacted-despite-bull-market">Binance impacted despite bull market</h2> 
 <p>Although every crypto <a rel="dofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a> 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> 
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   <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 <a rel="dofollow" title="traffic" href="https://thebittimes.com/tag/traffic.html">traffic</a> increased 8.5% in November. Read more https://t.co/td8x51Tgis pic.twitter.com/VosYDCt3Y4</p>— Wu Blockchain (@WuBlockchain) December 11, 2023
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 <p>KuCoin and OKX experienced massive 109% and 93% increases in their spot trading volume, whereas Binance 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 <a rel="dofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>’s growth.&nbsp;</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Binance to stop accepting deposits in Russian rubles 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/binance-exit-in-russia-causes-20-traffic-surge-on-top-exchanges-tbt73338.html">https://thebittimes.com/binance-exit-in-russia-causes-20-traffic-surge-on-top-exchanges-tbt73338.html</a></p>

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

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