Although Binance has some problems with payment service providers and regulators in some countries, centralized cryptocurrency exchanges are still the largest trading platform in terms of transaction volume. In the past 24 hours, Binance’s swap transaction record was approximately US$8.6 billion, and the trading platform has the highest trading volume among all derivatives exchanges in the world.
Binance’s trading platform surpasses competitors
In terms of trading volume in the spot and derivatives markets, the cryptocurrency exchange Binance is the world’s largest cryptocurrency trading platform. Binance has made many headlines recently because it has been dealing with regulatory complaints from government entities and financial institutions such as Barclays Bank and Santander Bank.
Despite all the negative effects, crypto asset exchanges still dominate among the countless crypto trading platforms around the world. Binance has the highest 24-hour crypto trading volume, and at the time of writing, its swap volume is $8.6 billion. The trading platform handles a total of 320 cryptocurrencies and 1,150 pairs.
The US$8.6 billion does not include the United States, because Binance also operates a separate trading platform for US residents. At the time of writing, Binance US has a global trading volume of US$202 million, with 53 cryptocurrencies and 110 pairs.
Binance also has the most trading volume in the crypto derivatives market, as the platform’s cash-settled cryptocurrency futures had a global trading volume of $35 billion on Monday. In terms of 24-hour trading volume, there are not many exchanges comparable to Binance.
As far as the cryptocurrency spot market is concerned, Hitbtc ranks second in terms of daily trading volume. However, Hitbtc’s $2.1 billion is 75% less than Binance’s spot market trading volume. Hitbtc’s spot volume is followed by Upbit ($2B), Huobi ($2B), Changelly ($1.93B), Bitcoin.com Exchange ($1.92B) and Okex ($1.87B).
Binance derivatives trading volume reached 35 billion U.S. dollars, and the transparent exchange balance ranking shows that Binance holds 14 billion U.S. dollars in reserves
Turning to cryptocurrency derivatives trading volume, Binance once again led the way. Binance has a 24-hour futures trading volume of up to 35 billion U.S. dollars and an open interest of 6.4 billion U.S. dollars. Second only to Binance in terms of derivatives trading volume is Okex, with a 24-hour trading volume of US$8.5 billion and an open interest of US$2.4 billion. Binance and Okex are followed closely by Huobi ($7.9B), Bybit ($6.1B), Cointiger ($5.5B), Bitz ($4.2B) and FTX ($4.1B).
Binance’s cash-settled derivatives exchange offers 43 futures and 138 perpetual contracts, while Okex offers 139 perpetual contracts and 1,408 futures products. The cryptocurrency exchange Binance is not limited to cryptocurrency spot and derivative products, because the company also operates a decentralized exchange (dex). Although Binance is the largest centralized encrypted spot exchange and derivatives platform, the company’s Binance Dex ranks 32nd among today’s top dex platforms.
Binance Dex’s global trading volume between 105 coins and 158 trading pairs reached 3.5 million USD. The company’s dex also had 12,869,668 unique visitors on Monday, and the largest transaction currently is BNB/BUSD. Nevertheless, according to the market share of transaction volume, Binance accounted for only 0.1% of all dex transaction volume in the past 24 hours.
Although Binance has had many problems in the past few weeks and all the negative news has appeared, the company is still a major force that cannot be ignored in terms of cryptocurrency spot and derivatives trading volume. Another thing people might not know about Binance is that the platform is the second largest cryptocurrency exchange in terms of reserve balance.
Only Coinbase surpassed Binance with 34.75 billion U.S. dollars in BTC and ETH reserves. However, between BTC, ETH and BUSD, data from Bituniverse shows that Binance held a huge amount of USD 14.66 billion in encrypted reserve assets on July 19, 2021.
What do you think of the performance of Binance and its platform when being scrutinized by regulators and financial institutions? Please tell us your thoughts on this topic in the comments section below.
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