Recent data from market research firm CryptoCompare reveals that the top six cryptocurrency exchanges, based on the company’s analytical model, were responsible for a three-year high in spot volume during the month of August.
The metric rates all cryptocurrency exchanges across a multitude of areas, including clegal / regulatory issues, data provision, security and market quality, among others, and ranks them accordingly.
The most popular exchanges, Coinbase, Gemini, Kraken, CrossTower, Bitstamp and itBit, received an AA rating in 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 $ 2.4 trillion, and Lower-Tier spot volumes increased 10.4% to $ 218 billion. Top-Tier exchanges currently represent the 91.7% of the total cash volume “.
Although the data revealed that Binance reported a 65% increase in 3-month spot volume, with a leading figure of $ 751 billion, outstanding regulatory concerns in numerous global jurisdictions meant the exchange was a marked omission from the listing. above, ranked 23rd with a score of 65.12.
The world’s largest cryptocurrency exchange by trade volume lost points in the areas of asset quality / diversity, as well as negative reports, but it performed reasonably well in data provision and ranked third for security.
Two months ago, The UK Financial Conduct Authority (FCA) directed Binance to suspend all trading activity until it successfully concluded an investigation into the exchange’s permitting license and its subsequent trading operation.
In response, the exchange announced that “The UK FCA notification does not have a direct impact on the services provided on Binance.”