Despite the negative news, Binance is still the largest exchange of cryptocurrencies and derivatives in the world2 min read
Although Binance has several problems with payment service providers and regulators in several countries, the centralized cryptocurrency exchange is still the largest trading platform in terms of trading volume. In the last 24 hours, Binance has traded for about $ 8.6 billion, and the trading platform also controls the highest trading volume of any derivatives exchange.
Binance is still the largest, significantly out of competition
Binance is the largest platform for cryptocurrency trading in the world in terms of trading volume on the spot and derivatives markets. Recently, it has been dealing with regulatory complaints from government entities and financial institutions such as Barclays and Santander.
Despite all the negativity, it still dominates all cryptocurrency trading platforms. Binance has the highest volume of cryptocurrency trades.
In terms of spot markets, Hitbtc ranks second in terms of daily trading. However, $ 2.1 billion is still 75% less than the volume of the Binance spot market.
Binance also controls the largest trading volume in the crypto derivatives markets, as its futures platform recorded $ 35 billion yesterday. In terms of 24-hour trading volume, there are not as many exchanges that are not even close to Binance.
With a whopping $ 35 billion in 24-hour futures trading and $ 6.4 billion in open interest, no other exchange has come close to Binance. After Binance, Okex has a $ 24 billion 24-hour volume and an open interest of $ 2.4 billion. The Binance derivatives exchange offers 43 futures and 138 perpetual products, compared to 139 perpetual and 1,408 Okex futures products.
Binance holds reserves of $ 14 billion
The exchange does not end only with the offer of cryptocurrencies and derivatives, because the company also operates a decentralized exchange (dex). Binance Dex holds the 32nd position among the largest dex platforms today.
With 105 coins and 158 trading pairs, Binance Dex recorded $ 3.5 million in global trade. According to Binance’s market share, it captured only 0.1% of all dex trading volumes in the last 24 hours.
Although Binance has had a number of problems over the past few weeks, society is still a major force to be reckoned with when it comes to cryptocurrencies and derivatives. Another thing people may not know about Binance is that the platform is the second largest crypto exchange in terms of reserve balances.
Coinbase alone surpasses Binance with reserves in BTC and ETH $ 34.75 billion. The data show that BTC, ETH and BUSD Binance hold a huge $ 14.66 billion.