First Mover Americas: Binance Sells Russian Unit
The latest price moves in crypto markets in context for Sept. 27, 2023.

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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Binance has sold its Russian unit as it looks for a complete exit from the market. The buyer CommEx is a crypto exchange that appeared to only launch yesterday, while it seemingly listed BTC/USDT and ETH/USDT trading pairs for spot trading in July. It was reported in May earlier this year that Binance was facing a Department of Justice inquiry into whether Russian customers were able to access the exchange in violation of U.S. sanctions related to Russia's invasion of Ukraine. The firm subsequently said in August that it was cutting ties with sanctioned Russian banks. CommEX said it will not onboard customers from the U.S, EU and some other jurisdictions.
Shiba Inu ecosystem token bone (BONE) rose around 10% in the last 24 hours amid the otherwise muted crypto markets. BONE exchanged hands at 90 cents in Asian morning hours today. The tokens have a market capitalization of $233 million. Developers had said that the deployer contract for bone tokens was fully “renounced”, thus boosting its security, which may have played a part in trading volume rising some $3 million compared to Monday. Renouncing is when a smart contract’s creator no longer has control over it, removing some fears investors may have of it being manipulated.
Chart of the Day

- The chart shows market price for oracle protocol Tellar Network's TRB token, open interest in perpetual futures tied to TRB, cumulative volume delta (CVD) in spot and futures markets since March.
- The token's price has surged by 33% to $50 in four weeks, with rising CVD in the futures market and a declining CVD in the spot market.
- In other words, the rally has been predominantly led by derivatives traders.
- A positive and rising CVD means more buyers are in action, while a negative CVD implies sellers are aggressive.
- Source: Coinalyze
- Omkar Godbole
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Exchange Review - March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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