Binance Beats OKEX To Emerge As Top Exchange
The platform is dominating in regards to trading capacity and daily clients.
Binance Records $1 Billion Daily Transactions
Binance has emerged as the top cryptocurrency exchange globally in the latest rankings. The ranking was conducted by Blockchain Transparency Institute. The rankings looked into total users and daily trading volume. The researchers looked at several exchanges before releasing the rankings.
Binance has managed to beat giants including OKEX when it came to trading capacity. Additionally, Binance emerged on top when it came to active clients, website visits and API capacity. Binance has managed to record more than $1 billion in trading capacity in a span of 24 hours. The number of users stands at 160,000 over the same period. OKEx which is the closest rival has managed to record $700 million in terms of trading capacity with 30,000 users on a daily basis.
Interestingly, BTI noted that exchanges that were open to assets emerged early. This is despite the number of ICOs dominating the market over the last two years.
However, the trading platforms are at the center of controversy regarding the hidden listing charges and exorbitant transaction volumes. The study stated that most trading platforms are friendly to coins that have a low market capitalization. As a result, they end up attracting huge volume margins with lucrative offers. They end up creating extra hype regarding the token.
Additionally, they go after coins with low market cap since they are in need of popularity. After supplying the exchanges with the coins, they end up inflating the figures on CMC. This practice brings on board users from other platforms.
Platforms like Binance have come out with an attempt to legitimize the market. In this case, they require high charges for listings, ranging between 5 bitcoins and 60 bitcoins. Through such initiatives, suspicious activities are eliminated within the crypto space.
BIT pointed out that a majority of the top exchanges listed on CMC deploy wash trading to beat their competitors. Such exchanges get referrals of 80% from Coinmarketcap.
Binance is currently operating from Malta after being kicked out of China last year. Since launching operations in Malta, Binance has been involved in various activities to push for the adoption of cryptocurrencies. The exchange is attracting new tokens.
Recently, Binance launched a charity Foundation that will be tailored towards blockchain activities. The exchange has already donated to a number of causes.