OKEx beats Binance in terms of daily transaction volume; Maltese exchanges continue to soar

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For the second straight month, cryptocurrency exchanges based in the touted “blockchain haven” of Malta have topped the average daily transaction volume list. OKEx and Binance, the most prominent exchanges in the island country are present in the top three once again.

The analysis was compiled by the cryptocurrency analytics firm CryptoCompare in their March 2019 exchange review which saw the two aforementioned exchanges interchange spots in the crypto-to-crypto exchange list, based on average daily volume. March saw a significant rise in transaction volume with the two exchanges recording over $790 million in average daily volume.

Between the two exchanges was ZB, the Chinese exchange which many have speculated, in the past, to have reported incorrect volume. In the January 2019 exchange review by CryptoCompare, ZB beat both Binance and OKEx, but fell short in the following two months.

OKEx was the only exchange in the crypto-to-crypto category to record average daily volume of over $1 billion and post a monthly volume of over $31 billion. Binance, taking the third spot, recorded an average daily volume of $797.5 million, with the total volume for March accounting to just under $25 billion.

The volume of the exchanges in March inclined considerably compared to the previous month, with no exchange breaking even the $700 billion ceiling in February. Binance took the top spot in the second month of the year, with an average daily volume of $676.98 billion, while OKEx trailed in the third spot, accounting for $601.23 billion, in the same period.

Given the regulatory hassle of most economically strong countries, cryptocurrency exchanges have sought to operate in regulatory-lax environments. Financial havens like Malta, Samoa, Hong Kong, Vanuatu, the Cayman Islands, Mongolia, and Seychelles have several exchanges, evidenced by their soaring average daily volumes.

In terms of fiat-to-crypto exchanges, the monthly-volume list remains fairly consistent, with the top-3 not shifting. Bithumb, Upbit, and Bitfinex, retained their spots from February to March, accounting for $1.04 billion, $233.32 million, and $100.95 million average daily volume, respectively.

Source: CryptoCompare

With OKEx and Binance taking the first and third spots for two months in a row, it bears no surprise that Malta tops the list in terms of trading volume by jurisdiction. It should be noted that March saw a massive increase in total monthly volume, with Malta alone accounting for over $55 billion, compared to its February volume of under $40 billion.

Following Malta is Hong Kong, home to top exchanges like LBank and HitBTC. Other prominent crypto-havens mentioned in the list are South Korea, Estonia, Singapore, the United States, and the British Virgin Islands.

However, OKEx topping the charts should be taken with a grain of salt considering the fake volume reports that have been raising concern in the market of late. The first report spelling out the above was from The Tie, which suggested that only 5.94 percent of the exchange’s expected volume matched their reported volume. Binance accounted for 78.82 percent of the same, based on The Tie report.

The next ground-breaking report from Bitwise Asset Management highlighted only ten exchanges that reported “real volume”. Binance was included in this list of ten exchanges, while OKEx was not.

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Graduate of Finance and Economics, interested in the intersection of the world of decentralized currency and global governance.

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