The Majority Of Binance Visitors Are Russians Although Binance Has Cut Services In The Country

The Majority Of Binance Visitors Are Russians

According to Similarweb, the following are the top centralized exchanges with the largest traffic in the previous 30 days: Binance, Coinbase, Bybit, FTX, Gate. Particularly prominent in the geographical rankings were Russia, South Korea, the United States, and Turkey.

Notably, despite the sanctions, the Russians continue to use Binance as their main cryptocurrency exchange. Binance OKX and Huobi are among the best from Russia. Coinbase, Kucoin, and Cryptocom are among the most popular in the United States. Bybit is the main source of traffic from South Korea.

According to a post released by Binance on April 21, measures imposed by the European Union’s fifth round of sanctions against Russia require that Binance implement limits on the use of its services by people or businesses situated in Russia with crypto assets worth more than 10,000 euros.

Accounts that come within this limitation will be placed on withdrawal-only status, according to the firm. These accounts will be unable to receive deposits or participate in trading.

Another well-known crypto exchange, Coinbase, has the greatest proportion of traffic sources, with 54.6% originating from the United States. Binance traffic is quite scattered. The entire proportion of the top 10 traffic originating areas is less than 50%.

At the moment, only OKX has traffic mostly from China; China also ranks first among derivatives exchange Deribit traffic sources, with 12.4%, followed by Hong Kong with 9.8% and the United States with 8.5%.

As seen by the traffic, Binance OKX and Huobi may suffer challenges as a result of Russian sanctions. Kucoin has an overwhelming majority of US traffic as a non-compliant exchange, therefore there are potential US regulatory issues. OKX absorbed Huobi’s market share following its withdrawal from China, and there is a possibility of Chinese market control. Deribit’s major traffic as a derivatives exchange comes from China and the United States, both of which are heavily regulated, and there is clearly a significant regulatory risk.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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