- Binance’s spot cryptocurrency trading volume surged in September despite regulatory pressures on the market and the exchange itself.
- Reuters reported Binance’s spot crypto trading volume was $789 billion in September versus $454 billion in July.
- Data also show derivatives volumes increased by nearly 25% to $1.7 trillion.
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Binance’s trading volume spiked last month despite regulatory pressure on cryptocurrencies and the company itself, with new data highlighting the exchange’s heavyweight status in the $2 trillion digital assets market.
Spot cryptocurrency trading volumes at Binance were $789 billion in September, a 74% surge from $454 billion in July, Reuters said in a report Tuesday, citing data compiled for the news agency by UK researcher CryptoCompare.
A Binance spokesperson declined Reuters’ request for comment.
The data also show derivatives volumes increased by nearly 25% to $1.7 trillion, with growth occurring even as Binance has been rolling back its offerings of derivatives products in countries including Germany, the UK, and Brazil. Binance has also said it would shut down crypto derivative products for existing customers in Australia by the end of the year.
Binance has made such moves to appease regulators worldwide who broadly say the company has been running without securing legal permission, leading them to hit Binance with a variety of bans and warnings. CEO Changpeng Zhao recently told the South China Morning Post the company needs to centralize its operations to work better with regulators as it tries to win licensing approvals.
Meanwhile, the increase in Binance’s spot volumes suggests investors may have been largely unfazed by China’s declaration last month that crypto-transactions are illegal. But the country stopped short of banning possession of digital currencies. Bitcoin on Tuesday rose and regained the $50,000 level for the first time since early September.
Binance’s volume was $92 billion over the past 24 hours through midday Tuesday, according to CoinMarketCap, led by the Shina inu coin. The dogecoin spinoff has charged up 85% over the past 24 hours following a tweet from Elon Musk.