All 10 Crypto Exchanges End 2023 with December's Spot Volumes Rise for All, Highest Growth Hits 66.08%
Based on spot trading volume data since December 2023, Fazzaco has compiled the performance of the top ten crypto exchanges. In this month, the crypto market continues the growth that began in November, with all exchanges among the top ten achieving a month-over-month increase in trading volume.
The largest increase was seen in Gate.io, with a staggering 66.08% growth, while the smallest increase was from Upbit, at 1.12%. The average increase across the top ten reached 35.50%, which is lower than last month's average growth rate of 62.97%. The specific data are as follows:
The world's largest cryptocurrency exchange had a spot trading volume of US$432.65, in December, a 39.51% growth from US$310.13 billion US dollars in November.
The Commodity Futures Trading Commission (CFTC) announced on December 18, 2023 that the U.S. District Court for the Northern District of Illinois has approved the previously announced settlement and entered a consent order of permanent injunction, civil monetary penalty, and equitable relief against Changpeng Zhao and his companies Binance Holdings Limited, Binance Holdings (IE) Limited, and Binance (Services) Holdings Limited (together, Binance).
The Korean crypto exchange Upbit had a spot trading volume of US$91.79 billion in December, up 1.12% from US$90.77 billion in November. Upbit saw month-on-month growth in the last four months.
Following the in-principle approval announced in October 2023, Upbit Singapore, a subsidiary of Upbit, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).
With the new license, Upbit Singapore is now able to expand its digital asset business in Singapore aligning with the region's high regulatory standards.
OKX had a spot trading volume of US$87.45 billion in December, up 45.10% from US$60.27 billion in November.
In November, OKX officially launched its crypto exchange and Web3 wallet platform in Brazil, providing Brazilian users with a trusted, secure gateway to decentralized finance (DeFi) and crypto trading. With the launch of the OKX platform in Brazil, Brazilian Real fiat-on ramp capabilities are also now available to users.
The Dubai-based crypto exchange Bybit had a spot trading volume of US$82.03 billion in December, up 43.28% from US$57.25 billion in November.
The leading US exchange Coinbase had a spot trading volume of US$69.92 billion in December, up 38.73% from US$50.4 billion in November.
Coinbase said it received registration as a Virtual Asset Services Provider in France, allowing it to offer a "full suite of retail, institutional, and ecosystem products and services" in the country.
The crypto exchange Gate.io, which was first established in China in 2013 and later moved to the Cayman Islands, had a spot trading volume of US$53.18 billion in December, up 66.08% from US$32.02 billion in November.
HTX had a spot trading volume of US$49.4 billion in December, up 7.41% from US$45.99 billion in November.
In late December, India's Financial Intelligence Unit wants the Ministry of Electronics and Information Technology to block the URLs of nine crypto exchanges.
The move will block Binance, Kraken, HTX, Kucoin, Bittrex, Gate.io, Bitstamp, Bitfinex and MEXC Global after claiming that the virtual asset service providers (VASP) were "operating illegally" and did not comply with the Prevention of Money Laundering Act.
The offshore-regulated crypto exchange Kucoin had a spot trading volume of US$31.73 billion in December, up 49.88% from US$21.17 billion in November.
KuCoin agreed to pay a total of $22 million and terminate access for users in New York state, court documents filed on Dec 12 from the Supreme Court of the State of New York County showed.
Kraken had a spot trading volume of US$29.35 billion in December, up 15.60% from US$25.39 billion in November.
LMAX Digital is a crypto exchange operated by the UK FCA-regulated LMAX Group. It had a spot trading volume of US$19.39 billion in December, up 48.24%from US$13.08 billion in November.
In the last month of 2023, the crypto market showed a continued recovery trend, with monthly trading volume reaching US$1.1 trillion, of which Binance accounted for 39.3%, with a total trading volume of US$432.7 billion; followed by Upbit and OKX , accounting for 8.3% and 8% respectively.
This is the second time since September 2022 that the monthly trading volume of crypto exchanges has exceeded $1 trillion. The increase in trading volume in December was likely due to enthusiasm for trading fueled by expectations of the approval of a spot Bitcoin ETF.
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