Binance exit in Russia causes 20% traffic surge on top exchanges
Russian traffic increased up to 20% on several tier-1 crypto exchanges in November, as Binance recorded significantly slower trading volume growth than its major competitors. According to the latest CEX data from WuBlockchain, most of November’s traffic inflow on top crypto exchanges such as Huobi, Deribit, Bitget, and Bybit came from Russian users. These exchange benefits significantly from Binance’s exit from the Russian market. Nearly 20% of Bybit’s traffic last month came from Russian users – most from a single geographical location. This was also reflected in the exchange ’s spot trading volume, as Bybit saw a 62.5% increase in November. Bitget also saw 10% of its traffic generated from Russia, which became its leading traffic source in Europe, and the platform also recorded a nearly 60% increase in its trading volume. Binance’s exit seemingly didn’t impact Russia’s crypto activities, as cryptocurrency transactions increased by 53.9% in the country this year....