In October, the exchange was visited by as many as 171 million users. Binance has been accused by regulators from around the world of supporting crimes related to digital currencies. However, the regulations have not pushed the exchange out of first place.
According to a report presented by FindBold, Binance recorded the highest traffic among cryptocurrency exchanges in October this year, at 171 million. In September, this number was as much as 12% lower, relative to that month. In second place is Coinbase, which added 31% of visitors in October to 91 million. And third place goes to PancakeSwap with 25 million visitors.
The KuCoin exchange, which has been gaining popularity recently, came in sixth place with 20 million visitors, a 38% increase.
Why Binance? It is important to note that exchanges are key for new investors, to the entire cryptocurrency ecosystem, as more and more people want to own cryptocurrencies. Binance’s business model itself has been recognised for its innovation, plus the BNB token has been at the heart of the exchange’s success. It has been the main contributor to its popularity.
Trust from the very beginning has allowed Binance to expand its user base. It is worth noting that Binance is one of the few exchanges that have introduced Initial Coin Offering (ICO).
Regulators around the world accuse the exchange of not having sufficient anti-money laundering protocols and because of this some companies have ended their cooperation with Binance. Binance’s main competitor is the Coinbase exchange. This exchange enjoys good relations with regulators who are considered strict.
11-11-2021, Mr.Advice Team