Share this article

Binance Extended Crypto Exchange Dominance During May Trading Frenzy

Binance led competitors in May with a monthly trading volume of $2.46 trillion, up 49% from April levels.

Updated Sep 14, 2021, 1:07 p.m. Published Jun 7, 2021, 6:32 p.m.

Binance, the world’s largest cryptocurrency exchange, extended its dominance of the industry during a record trading frenzy in May.

STORY CONTINUES BELOW

Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters

By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

The exchange handled some $1.5 trillion of spot trades in May, a 63% increase from April, according to a report by CryptoCompare. That compares with an average increase of 39% for the 15 largest top-tier crypto exchanges. Huobi, the closest competitor, saw its spot volume slip by 6% to $271 billion.

The bitcoin price fell some 35% in May, the biggest monthly drop since November 2018, and the correction prompted a flurry of activity as investors rushed to reposition.

Binance also extended its lead in the market for crypto derivatives in May, with a monthly trading volume of $2.46 trillion, up 49% from April levels.

No. 2 exchange OKEx saw a 51% increase to $999 billion, followed by Bybit's $574 billion, up 24%, and Huobi’s $536 billion, up 18.3%.