CME quietly surpasses BitMEX to become second-largest bitcoin futures exchange

Bitcoin • October 23, 2020, 7:45AM EDT
UPDATED: October 23, 2020, 8:52AM EDT
Tim Boyle/Bloomberg via Getty Images

CME Group, a regulated bitcoin futures trading platform, has quietly become the second-largest player, surpassing Binance and BitMEX.

Yesterday, CME recorded an open interest of $790 million as compared to $718 million by Binance and $601 million by BitMEX, according to The Block Research. Open interest in the value of outstanding derivative contracts that are yet to be settled.

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The shift in trend suggests that more traders, especially institutional, are flocking to CME rather than its unregulated counterparts, such as BitMEX and Binance. BitMEX is currently fighting a legal battle with the U.S. government, which has accused the exchange of violating know-your-customer and anti-money laundering rules.

OKEx, on the other hand, remains the top bitcoin futures trading platform in terms of open interest, despite its withdrawal issues. Last week, the exchange halted withdrawals indefinitely as one of its private key holders is being investigated by Chinese police. Yet, OKEx recorded the highest $992 million worth of open interest yesterday, per The Block Research. 

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.