The ranking based on the 24-hour volume handled by each of the exchanges places Binance at the third position. Meanwhile, Huobi lags behind at the fourth position with ZB.com ranked at number two.
Okex Leads in the Last 24-hour Volume Ranking
The popular cryptocurrency exchange, OKEx surpassed Binance as the exchange with the largest trading volume in the market. Yesterday Okex handled the larger trading volume that Binance. According to Coinmarketcap data, Okex handled $610 million worth of cryptocurrency trades while Binance registered a trading volume of $562 million.
Binance has for a long time remained a leader as the most widely used cryptocurrency platform and exchange on the market. The exchange offers a wide variety of cryptocurrencies including Bitcoin, Ethereum and Litecoin. Other contenders on the market are, OKEx, Coinbase, and Huobi. Millions of investors from around the work visit these platforms monthly.
Meanwhile, Binance seems to be steadily claiming back its position lost to OKEx exchange. Latest data from Coinmarketcap show that Binance handled $544 million in total trading volume in the last 24 hours. OKEx exchange, on the other hand, recorded a trading volume of $518 million 5% less than Binance’s.
Okex Passes Binance
The most popular trading pairs on both currently at Binance are BTC/USDT, ETH/USDT and EOS/USDT accounting for 46% of the total trading volume in the platform. Meanwhile, at OKEx, the popular trading pairs very identical to Binance’s are BTC/USDT, EOS.USDT, ETH/USDT which accounts for more than 60% of the exchange’s total trading volume.
Recently OKEx exchange announced a new product on its platform known as Perpetual Swap. OKEx revealed that the main intention behind the new product is to offer additional services beyond the ones that it is currently offering. The platform also announced support for the fiat currency Vietnamese dong (VND).
OKEx recently expanded its business to the United States in a bid to reach more customers. Some reports allege that the exchanged recently acquired money Transmittal licenses 9 (MTLs) from 20 states from SEC. OKEx has its Head offices in Malta but the exchange seems so determined to spread its branches in all jurisdiction worldwide.
Binance CEO Changpeng Zhao recently tweeted that boosting around of how his company assured the public of the safety of their funds. Binance was conducting a major upgrade on its systems which caused critics to get weary of the safety of public funds. The tweet responds to a youtube video posted by Bizonacci. The YouTuber commented on the video saying:
To protect the future interests of all users, Binance will create a Secure Asset Fund for Users (SAFU). Starting from 2018/07/14, we will allocate 10% of all trading fees received into SAFU to offer protection to our users and their funds in extreme cases. This fund will store in a separate cold wallet.
In other news, Binance recently announced the conclusion of the PAX competition its hosted. The platform says all PAX prices were already distributed to the accounts of their respective winners. The exchange urged winners to confirm the receipt of their PAX prices via the Distribution History page. Moreover, this appears in the user center on its website.
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