KuCoin became the leader in spot trading volume growth in March with a figure of 262%

At the same time, the exchange received a lawsuit from the US authorities in March, after which it faced a significant outflow of funds

10.04.2024 - 15:10

2 min

What’s new? Analyst Colin Wu has estimated that spot trading volume on the leading centralized crypto exchanges (CEXs) grew by 134% in March compared to February. Increases were recorded on all 13 platforms analyzed, but the best results were demonstrated by KuCoin (262%), Upbit (198%), and Bitget (174%).

Colin Wu’s report

What else is known? In turn, derivatives trading volume increased by 47% on average, with Bitget (148%), OKX (105%), and KuCoin (99%) leading the way, with only the largest platform, Binance (-18%), falling.

CEX website traffic also grew by an average of 43% in March, with all platforms showing positive results. Crypto.com, Bitfinex, and Upbit had the highest growth: 102%, 86%, and 80% respectively.

Bybit became the most popular among Russians last month, their share in the total traffic amounted to 24%. Also in Russia actively use MEXC (13% of the exchange’s traffic), Bitfinex (11%), Bitget (8%), and OKX (7%).

Earlier, Kaiko reported that since the end of November, the number of trading pairs on the leading CEXs has increased by 5% and reached 4500. According to analysts, this indicates growing demand from traders and increased competition between platforms. In 2023, OKX (+4.3%) demonstrated the largest increase in market share.

It is noteworthy that KuCoin received a lawsuit from the US authorities in March. It was accused of operating without registration and violating AML norms, after which the platform faced a large-scale outflow of funds. To encourage loyal users, KuCoin announced a $10 million airdrop.

At the end of March, KuCoin published a report on reserves, according to which user assets in BTC, ETH, and USDT decreased by 25%, 22%, and 22% respectively over the month.

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