By Shelly Melancon (Switzerland)
Apart from over-the-counter (OTC) or P2P transactions, crypto brokers exist as the backbone for crypto trading because they provide platforms to enable trading activities. Given that cryptocurrency trading is becoming a mainstay among investors and crypto enthusiasts, crypto brokers have been pooling massive transaction volume over the last few years. In fact, the results of a recent survey show that the numbers have increased.
According to the survey, the volume of traded cryptocurrencies on exchanges have gone over the roof, with some brokers witnessing more trading on their platforms in comparison to others. In light of this, they have been ranked according to their transaction volume posted within 24 hours on August 16, 2021. The pecking order is also a reflection of the trust reposed in these brokers by traders and investors around the globe.
Binance Leads with $25.54 Billion for August 16 (24hrs)
Based on the released data, leading crypto broker Binance is atop the list, having done transactions worth $25.54 billion on August 16 alone. Tokocrypto, an Indonesia-based crypto broker, is positioned in second place with a volume of $18.7 billion. Upbit ranked third after recording $8.14 billion within the same timeframe. Others in the top 10 list include OKex, Huobi Global, ZG.com, Bitwell, HitBTC, Bitcoin.com Exchange and Changelly Pro.
Also read:As much as the data presented by Statista is factual, it is shocking, to say the least, not to find brokers like Coinbase, KuCoin, Gemini, Hotbit on the list. However, since it is just a transaction volume report for August 16, it cannot form a conclusion for the volumes of the days or months before that time. The brokers which did not feature on the list still record significant trading volume and make immense contributions to crypto trading by providing liquidity for otherwise illiquid crypto assets.
Binance Faces Trying Times in Q3
Meanwhile, Binance has been at the frontline among leading crypto brokers since breaking into the space in 2017. Its numbers- in terms of users, general transaction volume and on every crypto asset, listed cryptocurrencies- have been speedily rising since its creation. Binance is headed by Chinese founder, Chanpeng Zhao (CZ) who first learned about Bitcoin at a young age and thought to create a reputable platform where the flagship cryptocurrency and altcoins can be traded.
In what would have been a great blow to its past and recent antecedents, Binance became a subject of regulatory pressure between June and early August. Although it shut down operations in the UK and the Ontario region of Canada in the wake of the pressure, the crypto broker has rebounded stronger, recently pledging co-operation and commitment to working with regulators. As part of its revamping plans, Binance introduced new guidelines to regulate trading activities on its platform.
Notably, withdrawal limits have now been incorporated, especially for non-verified users. Moving further on its roadmap for the rest of 2021 and subsequent years, on Friday, Binance made KYC verification compulsory for every user, via a circular.
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