All 10 Crypto Exchanges Soar in Mar. Spot Volumes, Binance Hits Trillion
Based on spot trading volume data since March 2024, Fazzaco has compiled the performance of the top ten crypto exchanges. In this month, the crypto market's growth soared up 117.56% compared to last month, rising from US$1 trillion to over US$2.18 trillion this month. Average growth of the top ten reached 102.31%.
The largest increase was seen in Upbit, with a 172.25% growth, while the smallest growth was from LMAX Digital, at 29.96%. The specific data are as follows:
The world's largest cryptocurrency exchange had a spot trading volume of US$1.13 trillion, in March, a 123.31% growth from US$506.24 billion US dollars in February.
Binance said on March 25 that it will end support for deposits and withdrawals via the Tron blockchain network for a digital stablecoin that is pegged to the U.S. dollar.
The Korean crypto exchange Upbit had a spot trading volume of US$221.45 billion in March, up 172.25% from US$81.34 billion in February.
The Dubai-based crypto exchange Bybit had a spot trading volume of US$186.57 billion in March, up 91.53% from US$97.41 billion in February.
On March 15, the exchange was put in a warning statement by HK Securities and Futures Commission (SFC) for having no entities under the Bybit group are licensed by or registered with the SFC to conduct any "regulated activity" in the city.
OKX had a spot trading volume of US$171.02 billion in March, up 127.75% from US$75.09 billion in February.
Fazzaco learned on March 21 that OKX is winding down its operations in India, citing local regulations. This comes about three months after India blocked access to nine crypto firms, including Binance, Kraken, HTX, Kucoin, Bittrex, Gate.io, Bitstamp, Bitfinex and MEXC Global.
The leading US exchange Coinbase had a spot trading volume of US$157.29 billion in March, up 115.97% from US$72.83 billion in February.
Last month, Coinbase announced the plan to start moving more of its customer and corporate USD Coin (USDC) stablecoin accounts to Base - its Ethereum layer-2 blockchain launched a little over seven months ago.
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$85.74 billion in March, up 100.98% from US$42.66 billion in February.
HTX had a spot trading volume of US$82.31 billion in March, up 73.58% from US$47.42 billion in February.
The offshore-regulated crypto exchange Kucoin had a spot trading volume of US$74.77 billion in March, up 118.31% from US$34.25 billion in February.
Last month, the Commodity Futures Trading Commission (CFTC) announced it filed a civil enforcement action in the U.S. District Court for the Southern District of New York charging Kucoin with multiple violations of the Commodity Exchange Act (CEA) and CFTC regulations.
Kraken had a spot trading volume of US$49.28 billion in March, up 69.52% from US$29.07 billion in February.
LMAX Digital is a crypto exchange operated by the UK FCA-regulated LMAX Group. It had a spot trading volume of US$18.74 billion in March, up 29.96%from US$14.42 billion in February.
March marked a record month for trading in the nascent spot Bitcoin ETFs. Trading volume for spot bitcoin ETFs increased to $111 million in March, nearly triple the $42.2 billion figure from February, according to Yahoo Finance's The Block Data Dashboard. February was the first full month of trading since the products' launch on January 11, and the considerable increase in March reflects the growing interest in these new crypto-based financial instruments.
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