Crypto Exchanges are recording a significant upsurge in the number of visitors making their way into the platform. According to research conducted by TheBlock, cryptocurrency exchanges recorded a 360 million increase in visitors.
Binance and Coinbase recorded the highest number of visitors
That figure represents a 6.1% increase month-over-month following February’s 339.4 million visits. The figures also account for both spot and derivatives trading markets. the report noted.
Binance and Coinbase emerged the most visited exchanges, with visitors influx sitting at 31.7% and 15.6% respectively. ByBit occupies the third space with 12.1%, while FTX exchange occupies the fourth position with 6.1%. 13 other exchanges account for the remaining 32.4%.
While the data did not go into details on what activities were carried out by said visitors, it implies that crypto exchanges are likely seeing more adoption from cryptocurrency users, despite the numerous setbacks that these exchanges have faced in recent times.
The unending setbacks of crypto exchanges
In previous times, cryptocurrency exchanges have faced numerous pushbacks ; from cryptocurrency exchange hacks to government sanctions.
Last year, Binance was shut down across multiple parts of the world. On the other hand, Coinbase noted that there was a possibility it would be slammed with a lawsuit from the SEC.
This year, exchanges are still struggling to carry out regular trading activities, as the ongoing Russia-Ukraine crisis continues to strain exchange activities.
Just last month, Russia requested that Binance, Coinbase, Bybit, and four other exchanges restrict Russian users. The request was made in a bid to curb the evasion of sanctions placed on Russian residents, during the Russia-Ukraine crisis.
Exchanges expressed their willingness to comply, with Binance noting that although it could not cease access from Russian users, it is
taking the steps necessary to ensure we take action against those that have had sanctions levied against them while minimizing impact to innocent users.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/crypto-exchanges-record-360-million-spike-in-february/