Binance receives record share of the crypto market
In August, the exchange conducted 55,1% of all spot transactions
![Binance receives record share of the crypto market](https://storage.getblock.net/source/1/hqCuerbTEbdAlaOYh6ZqGxR0BWJxfQuW.webp)
21.09.2022 - 09:45
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What’s new? According to data from CryptoCompare, for August 2022, Binance dominates the ranking of cryptocurrency exchanges. The platform has had the highest market share since 2017, with the exchange processing more than 55% of all crypto spot transactions on centralized exchanges (CEX) in August.
Full statistics on the CryptoCompare website
What other data has been released? According to the findings of CryptoCompare, volatility in the markets manifested itself in an increase in spot trading volumes on centralized exchanges, which jumped by 36,8% in August, to $1,91 trillion. In this, on the leading exchanges of the top-tier, the volume grew by 41,6% ($1,8 trillion), but the volume on the lower-tier exchanges decreased by 12,3%, to $108 billion. Binance accounted for 55,1% of the spot volume market share in August.
Analysts also noted that the rise in spot trading led to a decline in the derivatives market share by 9,59% (to 62,4%), which is a yearly low for this metric.
Beginning September 29, Binance will begin automatic conversion of USDC, USDP, and TUSD stablecoin deposits into its own stablecoin Binance USD (BUSD) at a ratio of 1:1. Earlier, media reported that Binance gives up its fee income to attract new customers. Until September 26, fees for trading ETH paired with BUSD have been canceled. And from July 8, the platform introduced zero fees on bitcoin spot trading in 13 currency pairs, including BUSD. On September 13, the capitalization of BUSD exceeded $20 billion. As of September 21, 10:25 UTC, it is $20,98 billion.
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