Binance Still The Biggest Crypto Platform According to Rankings
The global crypto exchange rankings of November was released by the Blockchain Transparency Institute, The Institute ranked Binance as the Biggest Crypto Platform with a 24-hour volume of $1 billion.
Having more than 160,000 24-hour web users, Binance surpassed OKEx, the second largest crypto exchange in the market, in terms of the number of active users and API volume.
In comparison to Binance’s $1 billion daily volume and 160,000 daily users, OKEx achieved $700 million in daily volume from merely 30,000 users.
Binance started to donate all of the listing fees it receives from projects to charity, partially to demonstrate the potential of crypto in transparently and efficiently financing charitable events and initiatives.
But, the Blockchain Transparency Institute team and its researchers said that many exchanges are still targeting low market cap coins with irresistible offers to manufacture fake volume and trading activity.
The team said: “We also found many of these exchanges to be preying on low market cap coins which are desperate for the recognition and volume of a top 10 or 25 exchange. In many of the crypto projects we spoke with, this also involves supplying the exchange with a large amount of tokens which are then used to massively inflate volume numbers on CMC, luring in prospective traders from other exchanges with much lower, but real volume,”