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The 24-hour volume at Binance tops over $1 billion with more than 160,000 24-hour web users.
Crypto-to-crypto exchange Binance has attained the number one spot in global crypto exchange rankings released by the Blockchain Transparency Institute. The ranking chart provides interesting insights into the number of Binance users and trading volumes. Moreover, it also gives a glimpse into the performance of other exchanges over Binance.
As we can see, Binance has surpassed giants like OKEx and Huobi in terms of trading volume, number of active users, web visitors and also API volume. The 24-hour volume at Binance tops over $1 billion with more than 160,000 24-hour web users. The immediate competitor OKEx is still far behind with just $700 million daily volume and just 30,000 daily users.
Leveraging Low Market Cap Crypto Tokens
In the last two years, a number of ICO projects and crypto tokens have made way to the crypto market. Although the success/failure rate of these projects is a different issue, Blockchain Transparency Institute (BTI) notes that exchanges favoring new token listings come to the limelight quite early.
However, extremely high transactions volumes and opaque listing fees of these exchanges is a controversial issue. The BTI researcher team notes that exchanges are still keen on coins with low market cap. This helps them pull huge volumes while providing irresistible offers and creating hype around the crypto token.
“We also found many of these exchanges to be preying on low market cap coins which are desperate for the recognition and volume of a top 10 or 25 exchange. In many of the crypto projects we spoke with, this also involves supplying the exchange with a large amount of tokens which are then used to massively inflate volume numbers on CMC, luring in prospective traders from other exchanges with much lower, but real volume,” the BTI team said.
However, in an effort to legitimize the crypto market, top exchanges like Binance are requesting for high listing fees anywhere between 5 BTC to 60 BTC. Such steps can possibly lead to a decline in the number of suspicious steps taken in the crypto space.
“Our initial report on exchange volumes revealed many top 100 exchanges on Coinmarketcap using wash trading to gain a marketing advantage over their competitors. We found many of these exchanges gaining 80-90% of their referral web traffic from CMC alone. In our recent token project interviews, we have found this allows these exchanges to ask from 5 BTC all the way up to 60 BTC for listing fees.”
Several Good Initiatives from Binance
After its ouster from China following the crypto ban in 2017, Binance established its safe haven in the crypto-friendly state of Malta. The crypto exchange is making consistent efforts to foster crypto adoption. The Binance exchange is largely open to list new crypto tokens to its platform. Last month, Binance worked towards adding new stablecoins to source further liquidity in the crypto market.
Moreover, Binance has also launched its own Blockchain Charity Foundation to promote blockchain-related activities. The foundation is working to reduce the anomalies of listing fees for new crypto tokens. Last month itself, the exchange started donating all of its listing fees to its charity division.