Binance records 65% increase in trading volume despite regulatory scrutiny

  • With a spot monthly volume of $751 billion, Binance performed better than OKEx, Huobi, Coinbase and others.
  • Month-to-month, Binance also dominated aggregate open interest.

Binance has seen a surge in trading volumes in the past month. This is as seen in a report published on September 14 by digital asset data provider CryptoCompare. According to the report, titled “Exchange Review August 2021”, the crypto exchange, the largest in the world by volume, has seen a 65 percent rise in trading volumes in the period of a month.

The crypto market bounced back in August with Bitcoin gaining by as much as 18.3 percent. Following the highly-anticipated London hard fork that took place on August 5, Ethereum had a 35.7 percent increase. The digital asset’s rivals Cardano and Solana also performed well. Cardano had a 110.2 percent increase while Solana had trade volumes almost double with a 194.9 percent increase.

Part of the report reads;

This rally, combined with an NFT resurgence, contributed to a surge in trading volumes and open interest. For example, top-tier spot volumes increased 43.6% to $2.4 trillion in August, while a daily volume maximum of $104.8 billion was traded on the 23 August, up 7.9% from the intra-month high in July.

Exchanges are ranked from top-tier to lower-tier using geography, legal or regulatory standing, investment, market quality and other variables. According to CryptoCompare, 91.7 percent of total spot volume can be attributed to top-tier crypto exchanges. With a month-on-month increase of 65.2 percent, Binance had a spot monthly volume of $751 billion in August, the largest. Lagging behind were OKEx which traded $177.8 billion, representing an 82.4 percent increase; Huobi Global trading $166 billion, an increase of 79.1 percent, BeQuant traded $109 billion, an increase of 51.5 percent; Coinbase traded $96.3 billion, up 79.1 percent and FTX traded $61.1 billion, a 73.5 percent increase.

Binance also beat OKEx and ByBit to dominate Aggregate open interest.

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Aggregate open interest rose 37.7% in the month of August to $24.4bn, the highest level seen in three months. Binance open interest grew at the fastest rate (51.8% vs July) and now accounts for 39.8% of all derivative open interest, the highest dominance level recorded. ByBit surpassed OKEx to become the second-largest exchange for open interest at $3.3bn, growing 39.4% since July.

Binance’s dominance in both spot trading volume and aggregate open interest comes despite the exchange’s recent regulatory woes in several countries. In recent weeks, the exchange has faced backlash from finance firms in several countries. In the United Kingdom, for example, the Financial Conduct Authority issued a warning stating that Binance Global affiliate Binance Markets Limited was not legally permitted to operate in the country. Several British banks like Barclays, Nationwide and Clear Junction went on to either halt access to Binance or announce that they were reevaluating their stance on crypto.

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Thailand’s Securities and Exchange Commission filed a criminal complaint against the exchange saying they were operating without a license. The Cayman Islands also made a similar announcement, revealing that the Binance Group and Binance Holdings Ltd. were not allowed to operate in the country. Several other countries took similar action.

On August 20, Binance announced that all users, new and existing, would have to complete Intermediate verification to increase security, a move that was in response to concerns about criticism of the company’s policies and security measures.

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