New report reveals top-graded exchanges at three-year peak volume dominance

Recent data from market analyst firm CryptoCompare reveals that the leading six cryptocurrency exchanges, as per the company’s analytical model, were responsible for a three-year high in spot volume throughout the month of August. 

The metric grades all cryptocurrency exchanges across a multitude of areas — including legal/regulatory cases, 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 grading status within the August period with a score ranging from 86.26 to 75.28, respectively.

The report concludes: “In August, Top-Tier spot volumes increased 43.6% to $2.4tn and Lower-Tier spot volumes increased 10.4% to $218bn. Top-Tier exchanges now represent 91.7% of total spot volume.”

Although the data revealed that Binance reported a 65% increase in 3-month spot volume with a leading figure of $751B, outstanding regulatory concerns in numerous global jurisdictions meant that the exchange was a stark omission from the above list, ranked in the 23rd position with a score of 65.12.

Related: Coinbase plans to raise $1.5B via debt offering

The world’s largest crypto exchange by volume trading was docked points in areas of asset quality/diversity, as well as negative reports, but performed reasonably well in data provision and joint-third for security.

Two months ago, Binance was ordered by the United Kingdom’s Financial Conduct Authority (FCA) to suspend all trading activity until an investigation into the exchange’s permit license and subsequent trading operation is satisfactorily concluded.

In response, the exchange announced that “the FCA UK notice has no direct impact on the services provided on Binance.”

READ ALSO:  What the SEC can learn from the German regulator

Oladimeji AbubakarSeptember 15, 2021

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Oladimeji Abubakar

the authorOladimeji Abubakar

Hi, I’m Oladimeji Abubakar, a young Nigerian blogger and writer.
I’ve special interest in making money online just like many other people and this is why I chose the review niche where I’d get to show people the websites to join and the ones not to. I hope my reviews helps😀.

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