A major cryptocurrency exchange, Binance, saw its spot trading volume surge to $1.12 trillion, its highest level since May 2021, growing for seven consecutive months, according to a CCData report.
In March alone, Binance witnessed a 121% surge in its spot trading volume, reaching $1.12 trillion, while its market share climbed by 1.04% to reach 44.1%. This surge follows Binance’s settlement of its case with the U.S. Department of Justice, where it paid a $4 billion fine.
CCData’s report also highlights Binance’s robust performance in derivatives trading, with volumes rising by 89.7% to $2.91 trillion, the highest since May 2021. Binance saw significant gains in spot markets, increasing its dominance by 2.3% from February and capturing 38.0% of spot trading volumes on CEXs year-to-date.
Despite regulatory hurdles, Binance saw a 40 million user increase in 2023, attributing it to key services. The combined spot and derivatives trading volume on CEXs hit a new high of $9.12 trillion in March, with crypto derivatives CEXs reaching $6.18 trillion, triple the total crypto market cap.
Investors and traders flocked to the markets as Bitcoin surged towards a new all-time high in March, coinciding with excitement around spot Bitcoin ETFs and the upcoming BTC supply halving in April.
This reflects continued trust in centralized exchanges despite recent challenges like FTX’s issues.
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