1 year ago
Upbit, a South Korean cryptocurrency exchange, surpassed centralized exchanges Coinbase and OKX successful presumption of trading measurement for the archetypal clip successful July, according to a study by CCData.
Centralized exchanges Coinbase and OKX saw their trading measurement diminution successful July, with Coinbase’s volumes dropping by 11.6% to $28.6 billion, portion OKX witnessed a 5.8% diminution to $29 billion.
Upbit bucked the wide marketplace trend, witnessing a 42.3% summation successful trading measurement to $29.8 billion, pushing the speech beto the second-largest level by trading volume, aft Binance. Coinbase was antecedently the 2nd largest crypto speech by trading volume.
Other South Korean exchanges including Bithumb and CoinOne besides saw an summation successful trading measurement crossed July, the study said.
Although Binance remains the largest level for spot trading successful crypto, signaling $208 cardinal successful trading measurement successful July, the exchange’s marketplace stock declined for the 5th consecutive period successful July. Binance’s marketplace stock present stands astatine 40.4%, its lowest people since August 2022.
Upbit saw the largest marketplace stock summation successful July, with the speech present accounting for 5.8% of the trading volumes connected centralized exchanges. Huobi Global and Kucoin besides saw increases successful marketplace stock successful July.
The diminution successful marketplace stock for Binance comes arsenic the speech faces continued scrutiny from regulators, with the U.S. Securities and Exchange Commission accusing Binance and its CEO Changpeng "CZ" Zhao of offering unregistered securities to the wide public, among different allegations, successful June. The speech besides saw astatine slightest 3 of its apical executives depart successful aboriginal July.
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