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.
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.
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.
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.
Broadridge to Bolster Prometheum's Digital Asset Securities Infrastructure
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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