Markets
Largest Crypto Exchanges 2024 | Statist
Crypto trader Binance ranked among the largest cryptocurrency exchanges in the world in 2024, with trading volume several times that of Bybit or OKX. It should be noted that these figures are separate from the Binance.US, Binance TR or Binance.KR platforms. The Cayman Islands platform has been the subject of US SEC investigations, which came to a head in November 2023. Binance did not rank among the top performers. the most widely used cryptocurrency exchanges by consumers in the United States.
Binance settlement with the United States
In November 2023, Binance agreed to pay a four billion dollar settlement to US agencies – one of the largest corporate fines in US history. The US Department of Justice has investigated the platform for years for its failure to prevent money laundering and increasing theft of cryptocurrencies. The company’s founder and CEO, Changpeng Zhao, pleaded guilty to the charges against him and agreed to step down. Zhao would remain the company’s majority shareholder. The US Treasury announced that Binance would be subject to five years of oversight and “significant compliance commitments, including to ensure Binance’s complete exit from the United States.”
Mixed signals from crypto companies
The Binance settlement took place the month overall volume of cryptocurrency trading recorded its highest numbers for all of 2023. One of the main causes is the sudden popularity of FTT, a token issued by FTX – the company founded by Sam Bankman-Fried. The developments surrounding Binance have caused investors to abandon Binance’s BNB stablecoin in favor of FTX’s stablecoin. However, earlier in November 2023, Coinbase saw its shares fall after announcing its quarterly performance figures.