Coinbase trading volume surged month-on-month following Binance’s recent regulatory issues. The increasing trading volume also coincided with a notable rise in COIN’s stock price.
In November, Binance and former CEO Changpeng Zhao pled guilty to multiple financial law violations and agreed to a $4.3 million settlement with the US authorities, including the Commodity Futures Trading Commission.
Coinbase Emerges as the Winner
Following the resolution of the Binance case, Coinbase, one of its rivals, emerged as one of the biggest winners. The Brian Armstrong-led exchange’s trading volume increased by around 62% month-on-month to $50.4 billion from the $31.16 billion recorded in October.
Prominent blockchain analytical firm Kaiko corroborated the surging volume in a recent report. It stated that Coinbase and Bybit have emerged as the main beneficiaries of the issues with Binance.
According to Kaiko, Binance has ceded some market share to Coinbase in non-US hours and Bybit across the board.
“Coinbase’s share grew the most outside of U.S. trading hours (14-22 UTC), instead surging in the middle of the trading day in Europe and the beginning of the trading day in eastern Asia,” analysts at Kaiko said.
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Author: Oluwapelumi Adejumo
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