Spot Trading Volume Surges 15.52% for Nine Top Crypto Exchanges in June 2023
Fazzaco compiled the data on the spot trading volume of the top 10 cryptocurrency exchanges since June 2023. The data reveals that the crypto market has halted its downward spiral since March this year, and nine out of the 10 exchanges saw various levels of growth in their June spot trading volume. The specific data are as follows:
Binance, the world's largest cryptocurrency exchange, had a spot trading volume of $372.1B in June, up 9.88% from $198.9B in May 2023. However, Binance has recently run into trouble with regulators in multiple countries. Since June, Fazzaco has been keeping track of Binance's regulatory woes, including Binance US suspending US dollar deposits; being probed in France for money laundering; scrapping its UK FCA registration, being ordered to shut down by Belgium's FSMA; being denied a German crypto license, and so on. We will continue to update you on Binance's latest situation.
Upbit is one of the largest cryptocurrency exchanges in South Korea. In June, its spot trading volume was $62.6B, up 47.75% from $42.4B in May 2023. Upbit reclaimed its second place in this TOP 10 list and also became the platform with the biggest increase in this month's statistics.
OKX's spot trading volume was $50.9B in June, up 10.18% from $46.2B in May 2023.
In June, Fazzaco learned that OKX has announced that its subsidiary in the Middle East, OKX Middle East Fintech FZE (OKX Middle East), has obtained the Minimal Viable Product (MVP) Preparatory license from the Dubai Virtual Assets Regulatory Authority (VARA).
Coinbase, the leading US exchange, had a spot trading volume of $47.7B in June, up 14.33% from $41.7B in May 2023.
In early June, the New Jersey Office of the Attorney General and the Division of Consumer Affairs announced that the state's Bureau of Securities issued a Summary Cease and Desist Order against Coinbase for violations of the Securities Law and corresponding penalties in connection with Coinbase's staking offerings.
Bybit, a crypto exchange based in Dubai, UAE, had a spot trading volume of $39.1B in June, up 40.12% from $27.9B in May 2023. Bybit was also the second-best platform in terms of increase among the top 10 exchanges in this statistics.
Gate.io, a cryptocurrency exchange that was first founded in China in 2013 and later relocated to the Cayman Islands, had a spot trading volume of $28.5B in June, up 1.72% from $28B in May 2023.
Kucoin, an offshore-regulated cryptocurrency exchange, had a spot trading volume of $26.7B in June, up 21.88% from $21.9B in May 2023.
Kraken's spot trading volume was $25.4B in June, up 18.85% from $21.4B in May 2023.
Huobi's spot trading volume was $18.5B in June, down 14.19% from $21.5B in May 2023. Huobi was the only platform among the top 10 exchanges that still witnessed a decline in trading volume this time.
On June 1st, the Hong Kong Securities and Futures Commission (SFC) announced that the VASP - Virtual Asset Service Provider license system came into force on that day. Fazzaco learned that Huobi's Hong Kong subsidiary Huobi HK has applied for a virtual asset exchange license and we will continue to follow Huobi's progress on its Hong Kong VASP license application.
LMAX Digital is a crypto exchange operated by LMAX Group which is regulated by the UK FCA. Its spot trading volume was $15.6B in June, up 4.69% from $14.9B in May 2023.
From the above data, it can be seen that the cryptocurrency spot trading market regained some momentum in June 2023. Overall, the spot and derivatives trading volume achieved a total increase of 14% in June, reaching $2.71T. This is the first monthly growth since March 2023. However, historically speaking, the current spot trading volume of cryptocurrencies is still at a historical low level.
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