Mar (2023) Spot Trading Vol. of Top 10 Crypto Exchanges Keeps Going Up, Max. Growth Hits 111.03%
Fazzaco compiled the trading volume statistics (spot) of the top 10 crypto exchanges since March 2023. The data shows that the booming market of the crypto circle since January 2023 is still continuing, and nine exchanges achieved month-on-month growth in spot trading volume this month, while only one experienced a decline. Specific data is as follows:
Binance, the world's largest cryptocurrency exchange, reported $556.35B in spot trading volume in March, up 2.06% from $545.14B in February 2023.
Binance introduced new Russian restrictions in March, in accordance with the latest European sanctions, by restricting Russia-based traders' access to peer-to-peer (P2P) transactions in U.S. dollars and euros. In the same month, Binance's founder and CEO Changpeng Zhao and its former Chief Compliance Officer Samuel Lim were both slapped with a lawsuit by CFTC.
Upbit, one of the largest cryptocurrency exchanges in South Korea, reported $66.79B in spot trading volume in March, down 14.48% from $78.1B in February 2023. Upbit is also the only exchange among the Top Ten to see a decline.
South Korea has always been an important market for crypto trading. Fazzaco once published an article earlier, citing statistics that showed that one in less than five young South Koreans was trading cryptocurrencies.
OKX、
OKX's spot trading volume in March was $57.43B, up 29.81% from $44.24B in February 2023.
OKX announced in March to establish a Hong Kong office and apply for a virtual assets license as the city relaxes rules banning retail investors from buying crypto tokens from licensed platforms.
Coinbase, a leading U.S. exchange, reported $49.37Bin March, up 23.21% from $40.07B in February 2023.
In March, Coinbase officially entered Singapore, marking the first stop as the US-based exchange prepares to ramp up its international expansion.
Kraken's spot trading volume in March was $28.07B, up 45.44% from $19.3B in February 2023.
Following the collapse of Silvergate Bank, Kraken, one of the largest crypto exchanges in the world, announced that it would suspend automated clearing house (ACH) deposits and withdrawals from March 27.
Dubai-based crypto exchange Bybit saw $25.45B in spot trading in March, up 111.03% from $12.06B in February 2023, making it the exchange with the greatest growth of all in this report.
Offshore regulated crypto exchange Kucoin saw $24.45B in spot trading in March, up 6.30% from $23B in February 2023.
Huobi's spot trading in March was US$18.66B, an increase of 42.12% from US$13.13B in February 2023.
Bithumb, which is also a South Korean crypto exchange like Upbit, saw spot trading of $11.68B in March, up 31.83% from $13.13B in February 2023.
Crypto.com spot trading volume in March was US$11.53B, up 27.40% from US$9.05b in February 2023.
Crypto.com announced last month that it has been granted its Minimal Viable Product (MVP) Preparatory License from Dubai's Virtual Assets Regulatory Authority (VARA).
In the March report, nine exchanges achieved M-o-M growth in spot trading, while only one experienced a decline. Among them, several exchanges had an M-o-M increase of more than 40%, with the highest reaching 111.03%. The data reflects the current activity and growth potential of the crypto market, as well as the competition and market changes among the major exchanges.
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