Tech

User Protection Funds Pledged By Exchanges Amid Collapse Of FTX

06/16/2023
Bitcoin Ethereum News

Table of contents

  1. Binance at top of spot and derivatives trading volume after FTX collapse
  2. In terms of trading volume, Bitget, Bybit, and Binance up after FTX collapse
During the collapse of FTX, the majority of reputable cryptocurrency exchanges adopted user protection funds, according to a new report that was released by the blockchain analytics firm Nansen. Nominal fiat protection funds total more than $2 billion at exchanges like Binance, OKX, and Bitget. Coinbase provides U.K. customers with insurance worth up to 150,000 British pounds ($189,140), while Huobi’s insurance fund is secured by 20,000 Bitcoin.

Binance at top of spot and derivatives trading volume after FTX collapse

Binance has remained at the top of spot and derivatives trading volume, among other things. Kraken’s trading volume increased the most in the spot markets, rising 14.35 percent to reach $18.9 billion in the six months following FTX’s collapse, compared to the preceding six months. In the spot sector, the exchange had an overall market share of 69 percent and a monthly trading volume of $209.5 billion in May. During the same time, Bitfinex’s trading volume decreased the most, falling 59.5 percent to $5 billion.

In terms of trading volume, Bitget, Bybit, and Binance up after FTX collapse

In terms of crypto derivatives, the collapse of FTX resulted in declines for all exchanges, with the exception of Bitget, whose average six-month trading volume increased sequentially by 4.85% to $204.1 billion. The researchers wrote that Bitget, Bybit, and Binance have performed relatively well since the FTX collapse.

Source: https://www.cryptoknowmics.com/news/user-protection-funds-pledged-by-exchanges-amid-collapse-of-ftx