Binance's futures trading volume grew 68% in Q2 compared to Q1
July 18, 2020, 10:00AM EDT
1 min read
Crypto exchange Binance's futures trading volume increased 68% in Q2 this year compared to Q1, according to The Block Research.
In dollar terms, the volumes stood at $263 billion in Q2 versus $157 billion in Q1. Binance launched its futures trading platform in September 2019.
The exchange's spot trading volume, on the other hand, declined by around 4% in Q2 to $146.3 billion as compared to $152.7 billion in Q1 — yet, Q2 is Binance's fourth-best quarter since its launch.
Source: Skew, The Block Research
Also, Binance today completed the twelfth quarterly burn of its native token Binance Coin (BNB ) — its largest-ever burn. That removed around $60.50 million worth of BNB from circulation. Binance burns BNB every quarter based on its overall trading volume.
The exchange started burning BNB in Q3 of 2017. At the time, it used to burn the token based on profits. But in April 2019, it quietly shifted to trading volumes. Binance CEO Changpeng "CZ" Zhao told The Block at the time that profits tend to get associated with securities in some regions, and hence the burn mechanism was changed.