Binance recorded an all-time high spot trading volume in Q3


Crypto exchange Binance hit an all-time high spot trading volume in the third quarter of 2020, according to The Block Research.

The exchange grew its spot trading volume by nearly 110% to a whopping $306.6 billion in Q3 compared to $146.3 billion in the previous quarter. The growth suggests that more retail investors are flocking to Binance for trading cryptocurrencies. 

Source: The Block Research, CryptoCompare

Binance's futures trading platform has also been growing consistently. In Q3, the exchange's futures volume crossed the $483 billion mark, rising 43.5% quarter-over-quarter.

In Q3, Binance also had its largest BNB burn in terms of dollar value. The exchange burned $68 million worth of its native token from circulation, a 12.4% increase from the previous quarter. Binance burns BNB based on its crypto-to-crypto trading volumes.

Historically, Binance's revenue has been mainly transactional, meaning that it has relied on spot trading volumes and fees charged. According to The Block Research, the exchange now also makes money from other core offerings, such as derivatives trading, lending, and peer-to-peer trading in China.

To read the full analysis of Binance's record-breaking Q3 and more such data-driven stories, subscribe to The Block Research.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC