Binance remains the top cryptocurrency exchange globally by cumulative trading volume after surpassing the threshold of $100 trillion.
Global crypto exchange Binance revealed the results of CCData’s recent research, which illustrates Binance’s leading position among competitors in the space. The exchange’s spot and derivatives markets have an impressive cumulative trading volume of $100 trillion.
Other cryptocurrency exchanges in this top five list are OKX, ByBit, Bitget, and HTX. Their cumulative trading volumes are much more modest than those brought by Binance. Thus, OKX shows a result of about $25 trillion, ByBit has facilitated about $13T, while Bitget and HTX boast near to $10T in trading volumes.
We must note that the study analysed the lifetime trading volumes of the given crypto exchanges. Binance was founded in 2017, so the abovementioned milestone of $100 trillion took about seven years to achieve. The exchange managed to do that due to the well-established brand and persisting public trust even despite criminal charges faced by its founder Changpeng Zhao (CZ).
In 2023, Binance facilitated roughly half of all spot trades processed by all centralized crypto exchanges. After its CEO, Changpeng Zhao, stepped down, pleading guilty to settle a years-long U.S. illicit finance probe, the exchange saw about $956 million in outflows in 24 hours. However, the crypto business kept growing, displaying top crypto app download ratings, user growth, and further global expansion. Its ex-CEO, was released out of the US custody this September CZ), vowing to increase his investment in technology sectors such as blockchain, artificial intelligence, and biotechnology.
OKX was also founded in 2017, while ByBit and Bitget started their activities a year later, in 2018. HTX is the most experienced player in this selection, operating since 2013.
