Binance, touted to be the largest cryptocurrency exchange in the world, has dropped to the ninth position in terms of average daily transaction volumes, according to a new report. The exchange based in the “blockchain island” of Malta relinquished its hold on the top spot for the first time in 2019.
The recent Exchange Review report for April 2019, published by Crypto-Compare, sported a surprise leader when considering crypto-to-crypto exchanges on the basis of average daily volume. FCoin, with an average daily volume of $1.56 billion, beat Binance and OKEx.
FCoin, the Hong Kong-based exchange was absent from not only the top 5, but also the top 10 in the past month. However, a seemingly positive month surged it to the apex on the CryptoCompare report. OKEx took the second spot, while BitMart, ZB and Bitforex completed the top 5.
Binance fell to the ninth spot, with an average trade volume of under $580 million, down by whopping $200 million, when compared to its March numbers. Two exchanges, FCoin and OKEx, amassed over $1 billion in daily trade volume, whereas in March, only OKEx could manage a 10-digit average daily volume.
FCoin held over $35 billion in total monthly volume. The same metric for the exchange was under $10 billion a month prior, which is a massive 300 percent increase. OKEx also held just about $35 billion. However, the month on month increase was not substantial as the exchange held $31.21 billion in monthly volume in March. Binance’s total monthly volume placed it on the fourth spot, holding over $27 billion in volume for April.
The Maltese exchange, for the first time in 2019, made way for its counterparts from Hong Kong. FCoin, LBank, and HitBTC, the three HK exchanges in the top 10, defied the Maltese giants, with a total average daily volume of $2.71 billion.
When fiat-to-crypto exchanges were analyzed, the tale remained the same. Bithumb, recovering from its March hack, and Upbit held the top 2 spots, while Coinbase overtook Bitfinex for the third spot, following the latter’s NYAG-Tether fiasco. Bithumb accounted for over $430 million in daily volume, while Upbit only amassed $164 million.
Exchanges like Coinsbit, Kraken, Bitstamp, STEX, Yobit, and Bitbank completed the top 10. The country composition is fairly mixed, with South Korea and the USA the only countries with two representatives in the top 10.
However, these numbers should be taken with a pinch of salt, given rampant exchange volume fudging. Revealed by the likes of The Tie, Messari Crypto, Bitwise Asset Management and CoinGeek, several cryptocurrency exchanges fake their volume by “wash trading,” in order to increase their popularity in the cryptocurrency industry.