In January, Russia accounted for up to 23% of traffic on the largest crypto exchanges

In January 2024, traffic on cryptocurrency platforms fell by more than 13% compared to the previous month, and spot trading volumes increased by 2.6%, according to Wu Blockchain journalist Colin Wu. Russian users took the first place in terms of the number of visits on the platforms Bybit, HTX (formerly Huobi), MEXC and Bitget.

Last January, the share of visitors from Russia on Bybit was 23% of the total number, on HTX — 10%, on MEXC — 19%. Up to 11% of Russian traffic is also recorded on the Bitget exchange and 7% on the Deribit cryptocurrency options exchange. The largest share of visitors from the United States in January was recorded on the Coinbase exchanges (58%) and Crypto.com (29%).

Also, according to the study, the volume of spot trading on major crypto exchanges increased by 2.6% in January compared to the previous month. The top three in terms of volume are Binance, South Korean Upbit and OKX. As a percentage, trading volumes increased the most on Bitfinex (by 20%), Crypto.com (by 16%) and HTX (by 16%).

Futures trading increased by 1.3% month-on-month. Binance also remains the leader in trading volumes, but the volume of futures trading on Bitget platforms has increased significantly in percentage terms, Crypto.com and MEXC.

According to the Bank of Russia, according to the results of the second and third quarters, the number of visits by Russian users to the sites of the largest cryptocurrency trading platforms (crypto exchanges, p2p platforms and exchangers) amounted to 89.6 million. After Binance's withdrawal from the Russian market and restrictions on ruble transactions on its p2p platform, the Bybit exchange has become an attractive alternative for Russian users.

Source: https://www.rbc.ru/crypto/news/65ca38579a7947179d5fd5b8