Recent data from market analysis firm CryptoCompare reveals that the top six cryptocurrency exchanges, according to the company’s analytical model, were responsible for a record three-year spot volume throughout the month of August.
The metric ranks all cryptocurrency exchanges across a multitude of areas – including legal / regulatory affairs, data provision, security, and market quality, among others – and ranks them in a list accordingly.
Popular exchanges Coinbase, Gemini, Kraken, CrossTower, Bitstamp, and itBit all received AA rating status during the August period with a score ranging from 86.26 to 75.28, respectively.
The report concludes, “In August, first tier spot volumes increased 43.6% to $ 2.4 billion and lower tier spot volumes increased 10.4% to $ 218 billion. Leading exchanges now account for 91.7% of total spot volume. “
Although the data revealed that Binance reported a 65% increase in 3-month spot volume with a figure of $ 751 billion, pending regulatory concerns in many global jurisdictions meant the exchange was a glaring omission. from the above list, ranked 23rd. with a score of 65.12.
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The world’s largest crypto exchange in terms of trade volume was anchor points in the areas of asset quality / diversity, as well as negative reports, but it performed reasonably well in delivering data and common third party for security.
Two months ago, Binance was ordered by the UK’s Financial Conduct Authority (FCA) to suspend all trading activity until an investigation into the exchange’s license and subsequent trading operations. are concluded satisfactorily.
In response, the exchange announced that “the FCA UK opinion has no direct impact on the services provided on Binance.”