Crypto.com became the leader among the top exchanges in terms of trading volume growth in July

What’s new? Crypto com has become the leader among the largest centralized cryptocurrency exchanges (CEXs) in terms of trading volume growth in July in both the spot and derivatives markets. Thus, according to analyst Colin Wu, over the month, the spot trading volume on the platform grew by 59%: from $34 billion to $54,2 billion, while the derivatives market grew by 56%: from $56,9 billion to $88,88 billion.

Colin Wu’s report

What else is known? Notably, traffic to Cryptocom’s website decreased by 10% over the same period: from 4,1 million to 3,7 million users. The main traffic to the exchange’s website during the month came from the US (33%), India (6%), and Canada (5%).

Overall, spot trading volume on the leading CEXs fell by 9% for the month, from $1 trillion to $0,933 trillion. Crypto com took the lead in terms of growth rates with a significant gap, but positive results were recorded for three more platforms. Thus, on the largest South Korean exchange Upbit the indicator grew by 26% (from $30,4 to $38,5 billion), on Gate the growth amounted to 21% (from $74,9 to $90,5 billion), on BitMart — 16% (from $27,8 to $32,2 billion).

As for the derivatives market, the total figure of the top ten CEXs fell by 4%, from $3,2 to $3 trillion. At the same time, Crypto com has become the only platform with a noticeable increase. It is closely followed by Bybit, where trading volume increased by 3,4% (from $479,4 to $495,95 billion), as well as KuCoin (+0,4%) and Bitget (+0,2%).

Crypto com exchange was founded in 2016 by Kris Marszalek, Rafael Melo, and Bobby Bao. The company is based in Singapore and serves 100 million users from 90 countries. Its exchange-traded token CRO is ranked 35th in the overall rating of cryptocurrencies by market capitalization at $2,4 billion and is trading at $0,08786, down by 2,3% overnight, with a weekly gain of 29%.

As for the largest crypto exchange Binance, its spot trading volume fell by 21,2% in July, from $427,2 billion to $336,8 billion, the worst result. The volume of derivatives trading also fell by 10,4%, from $1,392 to $1,247 trillion. The platform’s attendance fell by 17%, from 64,6 to 53,9 million users. In August, it became known that the Venezuelan authorities blocked the website and application of Binance, whose P2P service is extremely popular in the country due to high inflation.

Separately, OKX, whose CEO Star Xu earlier warned users about account blocking when interacting with services from the sanctions lists, such as the Tornado Cash crypto mixer and the Garantex exchange. Its spot trading volume fell by 15,6% (from $61,7 billion to $52 billion) and derivatives trading volume fell by 1,5% (from $579,6 billion to $570,9 billion).

Following OKX’s notification, the author of a major Russian-language blog SLEZY SATOSHI in early August urged CIS users to stop using the exchange. It is noteworthy that its traffic fell by 43% (from 29,4 to 16,9 million users) at the end of July, which was the worst result among the largest CEXs. The main traffic last month came to OKX from Russia (14%).