All Top 10 Crypto Exchanges See Spot Trading Vol Drop in Sept, Except Upbit with 15.4% Rise
Fazzaco summarized the performance of the top ten cryptocurrency exchanges based on the spot trading volume data throughout September 2023. The data shows that the crypto spot trading continued to decline, and among the top ten exchanges this month, nine fell month-on-month, with the largest decline coming from Binance, which fell 32.3%; only Upbit achieved month-on-month growth this month, with an increase of 15.4%. The specific data are as follows:
The world’s largest crypto exchange Binance had a spot trading volume of US$130.13 billion in September, down 32.3% from US$192.12 billion in August.
In September, Binance sold its entire Russian business to the newly established crypto exchange CommEX, completely exiting the Russian market. But at the same time, Binance announced that it is resuming its services in Belgium, by reopening registration and access services for local users.
The Korean crypto exchange Upbit had a spot trading volume of US$36.69 billion in September, up 15.4% from US$31.8 billion in August. Upbit was the only one among the top ten to see month-on-month growth in September.
Huobi had a spot trading volume of US$22.45 billion in September, down 28.4% from US$31.36 billion in August. Although Huobi achieved significant growth in July and August, its performance in September still reflected the overall downward trend of the crypto spot trading market.
In addition, the exchange announced in September that its English name Huobi has been renamed to HTX.
The leading U.S. crypto exchange Coinbase had a spot trading volume of US$20.42 billion in September, down 23.2% from US$26.59 billion in August.
In late September, the exchange announced that it had obtained anti-money laundering (AML) compliance registration from Spanish banks, becoming one of the registered cryptocurrency exchanges in the country.
The Dubai-based crypto exchange Bybit had a spot trading volume of US$19.8 billion in September, down 14.8% from US$23.25 billion in August.
OKX
OKX had a spot trading volume of US$17.64 billion in September, down 25.4% from US$23.63 billion in August. OKX’s performance was also adversely affected by market fluctuations, resulting in a month-on-month decline.
Gate.io, a crypto exchange that was first established in China in 2013 and later moved to the Cayman Islands, had a spot trading volume of US$14 billion in September, down 8.9% from US$15.36 billion in August.
Kraken had a spot trading volume of US$11.47 billion in September, down 16.6% from US$13.76 billion in August.
Last month, the exchange had achieved a slight month-on-month increase (0.88%).
The offshore-regulated crypto exchange Kucoin had a spot trading volume of US$6.61 billion in September, down 34.5% from US$10.09 billion in August.
LMAX Digital is a crypto exchange operated by LMAX Group, which is regulated by the UK FCA. Its spot trading volume was US$4.51 billion in September, down 11.7% from US$5.11 billion in August. LMAX Digital continued to be affected by market fluctuations, resulting in a continuous decline in spot trading volume.
From the above data, it can be seen that the cryptocurrency market continued to decline in September 2023, reaching its lowest level in several years. Among them, the first week of September saw a drop to US$5.9 billion in trading volume. The decentralized exchange daily average trading volume decreased by 8.5% in August, reaching US$1.8 billion. Some analysts believe that lower interest rates and the establishment of a U.S.-based spot crypto ETF may re-boost trading volume, but for the foreseeable future, the trading environment may remain sluggish.
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