With a significant lead over Binance, the OKEx crypto exchange became the leader in daily trading volume. Binance lost the top position in the ranking, reducing 50% of trading volume, Huobi managed to maintain third place.
A recent ranking of global cryptocurrency platforms by the Blockchain Transparency Institute (BTI) placed Binance at the top based on trading volume, network traffic, and number of active users. The exchange last month boasted an average 24-hour trading volume of just over $1 billion and approximately 160,000 daily users, ahead of OKEx, which had $694 million from approximately 105,000 users.
But now the tables have turned and Binance has lost most of its trading volume, falling from over $1 billion in October to around $498,109 today, according to CoinMarketCap. On the other hand, OKEx maintained its volume above $600,000 to become the largest cryptocurrency platform by trading volume.
Binance was not the only loser this month, as many Western crypto exchanges lost a significant percentage of trading volume. Coinbase, one of the prominent exchanges in the United States and Europe, suffered even more devastating volume losses. The US giant lost more than 80 percent of its average daily trading volume.
Changpeng Zhao, founder and CEO of Binance, argued that the crypto industry as a whole and his brainchild are doing well despite the drop in trading volumes. The outstanding boss is adamant that the trading platform is still making good profits despite the state of the market. Binance's intention to earn a profit of about $1 billion based on financial performance in 2018 is the best confirmation of the profitability of the business.
Binance is doing so well that the CEO decided to waive commission fees for listing tokens, which generate considerable income for many exchanges. The exchange has decided to donate all fees that receives to charity in order to increase transparency and trust in the listing process.
Binance is also continuing its global expansionby entering new markets. So, just a week after the exchange debuted in Uganda, the number of new African users was more than 40,000.
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