Binance ranks first in exchange rankings report, others follow far behind

Lizzy Murray

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The latest report released by the Blockchain Transparency Institute ranks Binance as the first crypto exchange. The ranking chart includes details like trading volumes and the number of active users for all listed exchanges.

According to the report, Binance has a 24-hour trading volume of over $1 billion and more than 160,000 24-hour web users. OKEx has taken the second position on the list but far behind Binance with almost $700 million daily trading volume and a little over 30,000 daily web users.

Over the past two years, the crypto market has seen various ICO projects and crypto tokens come to life. The Blockchain Transparency Institute (BTI) points out that exchanges are favoring new token listings. Coins with low market cap are eagerly listed by exchanges which allows them to achieve huge volumes.

“We also found many of these exchanges to be preying on low market cap coins which are desperate for the recognition and volume of a top 10 or 25 exchange. In many of the crypto projects we spoke with, this also involves supplying the exchange with a large amount of tokens which are then used to massively inflate volume numbers on CMC, luring in prospective traders from other exchanges with much lower, but real volume,”

Nevertheless, established exchanges such as Binance are asking for high listing fees, typically between 5 BTC and 60 BTC, to prevent suspicious digital assets from getting listed. The BTI research team says:

“Our initial report on exchange volumes revealed many top 100 exchanges on Coinmarketcap using wash trading to gain a marketing advantage over their competitors. We found many of these exchanges gaining 80-90% of their referral web traffic from CMC alone. In our recent token project interviews, we have found this allows these exchanges to ask from 5 BTC all the way up to 60 BTC for listing fees.”

After being dismissed from China during the 2017 crypto ban, Binance relocated to Malta thanks to their crypto-friendly policies. The crypto exchange is working hard to add new crypto tokens to their platform. Last month, Binance was focused on increasing the crypto market liquidity by adding new stablecoins.

Also, Binance is promoting blockchain-related activities through their own Blockchain Charity Foundation. The foundation is striving to decrease the listing fee anomalies for new crypto tokens. Last month, Binance started donating all of their listing fees to their charity foundation.