- The impact of Binance’s departure from the Russian market on the surge in traffic on rival exchanges.
- Binance’s growth slows compared to other exchanges due to regulatory issues and legal costs.
Top exchanges increase due to surge in Russian users
Several major cryptocurrency exchanges saw a notable surge in traffic in November, especially from Russian users. According to WuBlockchain’s latest analysis of CEX data, platforms such as Huobi, Deribit, Bitget, and Bybit have seen significant increases, including a surge in user activity.
Binance’s exit from the Russian market played a significant role in this increase in traffic, with some platforms reporting up to a 20% increase in traffic from Russian users during the month.
Binance’s Withdrawal and Impact on Russian Cryptocurrency Activity
After Binance left the Russian market, other exchanges benefited greatly from the influx of users and the void left by the leading exchange. bybitFor example, nearly 20% of our traffic came from Russia, primarily from a single geographic location.
This surge is reflected in the platform’s spot trading volume, which surged a whopping 62.5% in November. Likewise, Bitget reports that a significant portion of its traffic comes from Russia, making it the platform’s top traffic source in Europe. The exchange also noted a 60% surge in trading volume, indicating the impact of Binance’s exit.
Also Read: Massive $45.2 Million Ethereum Transfer to Binance and Coinbase Rocks Crypto Markets
Despite Binance’s withdrawal, the Russian cryptocurrency market appears to have been unaffected. According to a report from the Bank of Russia, domestic cryptocurrency trading has surged significantly this year, increasing by 53.9%. During the second and third quarters of 2023, approximately 90 million Russian users participated in various cryptocurrency trading platforms, showing continued interest despite Binance’s absence.
Binance’s Growth Amid Regulatory Issues
Despite an ongoing bull market that has seen increased trading activity across exchanges, Binance has seen relatively slow growth compared to competitors like Coinbase. KuCoin, and OKX. Spot trading volumes for KuCoin and OKX showed impressive increases of 109% and 93% respectively, while Binance recorded a relatively more modest 54% increase.
November CEX data: A significant increase of 60% in MOM spot trading, the top three are KuCoin 109%, OKX 93%, and Mexc 70%. Futures trading increased 44.4% in November and website traffic increased 8.5%. Learn more https://t.co/td8x51Tgis pic.twitter.com/VosYDCt3Y4
— Wu Blockchain (@WuBlockchain) December 11, 2023
The exit from the Russian market and recent legal charges from the US Department of Justice have had a significant impact on Binance’s growth trajectory, which is reflected in the differentiation of performance between major exchanges.