BUSD's legal troubles in the US did not influence Binance's volumes.
Moreover, the exchange increased its trading activity and advantage over the competition.
Binance's logo
According
to CryptoCompare's latest report comparing cryptocurrency exchange activity in
February 2023, Binance confirmed its dominant role by achieving record market
share in the spot and derivatives markets. Binance's popularity grew despite
declining volumes at other major exchange offerings and the US legal issues
with the BUSD stablecoin.
Binance Crypto Exchange with
Record-Breaking Market Share
CryptoCompare
revealed on Wednesday that Binance's spot market share across the most popular
crypto trading platforms increased for a fourth month in a row, from 59.4% reported
in January to 61.8% last month. In the said period, Binance saw a substantial
increase in its trading volumes in spot and derivatives markets. The spot
transaction's turnover increased by 13.7%, reaching $540 billion.
"The
increase was a surprising divergence from the performance of other exchanges,
with Coinbase, Bitfinex, and Bitstamp all seeing a decline in volumes.
Similarly, Binance's market share across derivative exchange also grew to
62.9%, its highest-ever recorded monthly market share," CryptoCompare's
report commented.
In
February, total spot trading volumes increased 10% to $946 billion, which is the
second month of consecutive volume increases. Top-Tier spot volumes increased
9.23% to $873 billion, and Lower-Tier spot volumes increased 20.4% to $72.1
billion. Despite the increase, trading volumes remain at historically low
levels. By comparison, two years ago, the value of monthly volume came in at $3
trillion.
Daily Top Tier vs. Lower Tier Volumes. Source: CryptCompare
BUSD Has No Impact on Binance
Performance
Two weeks
ago The Wall Street Journal reported that the cryptocurrency firm, Paxos is
facing a Securities and Exchange Commission (SEC) lawsuit over violations of
user protection regulations regarding the issuance of Binance's stablecoin dubbed
BUSD.
The company decided to halt mint of new BUSD tokens, and the cryptocurrency exchange's Chief
Executive, Changpeng 'CZ' Zhao, calmed clients by saying that the funds were
safe. However, the information caused a market panic and resulted in a collapse
of BUSD's market capitalization.
With new
tokens not being minted and holders of existing tokens exchanging them for
traditional dollars or other stablecoins, the total market capitalization of
the BUSD in February slipped from $15.6 billion to $10.6 billion, which is down 32.6%.
"However,
volumes have not reacted in a similar fashion, with BUSD remaining the second
most used stablecoin/fiat option across all centralized crypto exchanges,"
CryptoCompare report added.
BUSD
trading volumes in February slid only 2.43% to $176 billion, which is far less than
expected after the regulatory pressure that US institutions have begun to exert
on cryptocurrency exchanges.
In the
meantime, Binance took a renewed step towards obtaining a license to offer its digital asset services in Singapore. However, it wants to focus on corporate,
not retail, clients this time. The company plans to leverage its custody
division to shift its focus from retail customers to corporate clients. This
move comes after the exchange's retail operations in the country were suspended
last year under pressure from local regulators
According
to CryptoCompare's latest report comparing cryptocurrency exchange activity in
February 2023, Binance confirmed its dominant role by achieving record market
share in the spot and derivatives markets. Binance's popularity grew despite
declining volumes at other major exchange offerings and the US legal issues
with the BUSD stablecoin.
Binance Crypto Exchange with
Record-Breaking Market Share
CryptoCompare
revealed on Wednesday that Binance's spot market share across the most popular
crypto trading platforms increased for a fourth month in a row, from 59.4% reported
in January to 61.8% last month. In the said period, Binance saw a substantial
increase in its trading volumes in spot and derivatives markets. The spot
transaction's turnover increased by 13.7%, reaching $540 billion.
"The
increase was a surprising divergence from the performance of other exchanges,
with Coinbase, Bitfinex, and Bitstamp all seeing a decline in volumes.
Similarly, Binance's market share across derivative exchange also grew to
62.9%, its highest-ever recorded monthly market share," CryptoCompare's
report commented.
In
February, total spot trading volumes increased 10% to $946 billion, which is the
second month of consecutive volume increases. Top-Tier spot volumes increased
9.23% to $873 billion, and Lower-Tier spot volumes increased 20.4% to $72.1
billion. Despite the increase, trading volumes remain at historically low
levels. By comparison, two years ago, the value of monthly volume came in at $3
trillion.
Daily Top Tier vs. Lower Tier Volumes. Source: CryptCompare
BUSD Has No Impact on Binance
Performance
Two weeks
ago The Wall Street Journal reported that the cryptocurrency firm, Paxos is
facing a Securities and Exchange Commission (SEC) lawsuit over violations of
user protection regulations regarding the issuance of Binance's stablecoin dubbed
BUSD.
The company decided to halt mint of new BUSD tokens, and the cryptocurrency exchange's Chief
Executive, Changpeng 'CZ' Zhao, calmed clients by saying that the funds were
safe. However, the information caused a market panic and resulted in a collapse
of BUSD's market capitalization.
With new
tokens not being minted and holders of existing tokens exchanging them for
traditional dollars or other stablecoins, the total market capitalization of
the BUSD in February slipped from $15.6 billion to $10.6 billion, which is down 32.6%.
"However,
volumes have not reacted in a similar fashion, with BUSD remaining the second
most used stablecoin/fiat option across all centralized crypto exchanges,"
CryptoCompare report added.
BUSD
trading volumes in February slid only 2.43% to $176 billion, which is far less than
expected after the regulatory pressure that US institutions have begun to exert
on cryptocurrency exchanges.
In the
meantime, Binance took a renewed step towards obtaining a license to offer its digital asset services in Singapore. However, it wants to focus on corporate,
not retail, clients this time. The company plans to leverage its custody
division to shift its focus from retail customers to corporate clients. This
move comes after the exchange's retail operations in the country were suspended
last year under pressure from local regulators
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
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We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
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#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
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- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
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We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
