As per the reports of the Blockchain Transparency Institute, Binance is the largest crypto exchange in the world in terms of volumes. Binance has a 24-hour volume of more than $1 billion. The news is true for the first week of November. Over the period 24 hour, the active users on crypto exchange Binance are around 160,000. This is why Binance is at the top of the list when it comes to largest crypto by trade volumes, and it is successfully retaining the top spot.
Binance has overcome OKEx when it comes to the number of users, volume, web visitors, mobile volume, as well as API volume. OKEx comes after Binance in the list of leading crypto exchanges.
A comparison is made between these two crypto exchanges; Binance has $1 billion volume per day and around 160,000 active users, whereas, OKEx has $700 million daily volume and around 30,000 users, which are comparatively low number compared to the users’ volume in Binance.
At the beginning of October, Binance started donating all the listing fees (which were received from projects) to charity. This was done to show the crypto capability in productively financing events and initiatives.
However, the Blockchain Transparency Institute team said that the exchanges in the market preying the low market cap coins with the use of attractive offers. The exchanges are doing this to make dummy trading activity and volume, in a hope of increasing promotion of coins across platforms like CoinMarketCap.
The team said that they have found such crypto exchanges which are attracting people on low market cap and are desperate to get the recognition and volume of top exchanges. He further added, “In many of the crypto projects we spoke with, this also involves supplying the exchange with a large number of tokens which are then used to massively inflate volume numbers on CMC, luring in prospective traders from other exchanges with much lower, but real volume.”
Exchanges in South Korea
In the last two years, major crypto exchanges like Binance, OKEx, and Huobi have marked as being the largest crypto exchanges in the world.
While South Korea’s leading trading firms Bithumb and Upbit have entered in the list of top 10 due to an increase in the crypto demand, which showed a notable up in the BTC-to-Korean trading pair volume.