According to a recent report from CCData, Binance exchange has experienced a surge in spot trading volume, reaching its highest level since May 2021. In March, the spot trading volume on Binance increased by 121% to $1.12 trillion. The report also revealed that Binance’s market share grew by 1.04% to 44.1% in March.
CCData highlighted Binance’s recovery after resolving its case with the United States Department of Justice and paying a $4.3 billion settlement fine. This recovery is evident in the rise of Binance’s derivatives trading volumes, which increased by 89.7% to $2.91 trillion, reaching their highest level since May 2021. CCData analysts also noted that Binance made significant gains in spot markets, increasing its market dominance by 2.3% compared to February. Binance now accounts for 38.0% of the spot trading volumes on CEXs, making it the exchange with the biggest gains year-to-date.
Despite facing regulatory challenges, Binance has seen a significant increase in the number of users, with over 40 million new users joining in 2023. This represents a nearly 30% growth compared to the previous year, and Binance attributes this growth to its “key services.”
In addition to Binance’s success, CCData reported that the combined spot and derivatives trading volume on centralized exchanges (CEX) reached a new all-time high of $9.12 trillion in March, a 92.9% increase. This surge in trading volume coincides with the rising popularity of spot Bitcoin ETFs and the anticipation of the BTC supply halving, which is expected to occur in April.
The continued trust in centralized exchanges is evident despite recent failures in the industry. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any investment or trading decisions.