Despite various restrictions, Russia accounted for up to 28% of crypto exchange traffic in August, according to journalist Colin Wu, writes RBC Crypto. The share of users from Russia on the largest platforms looks like this (percentage of the total number of exchange clients):
- Bybit — 28%
- Deribit — 19%
- HTX — 17%
- OKX — 11%
- Bitfinex — 8%
- KuCoin — 6%
In particular, OKX, Bitfinex, BitMart and MEXC saw overall traffic growth from July to August, while other platforms saw a decrease in user traffic.
In August, information about OKX restrictions for Russians was spread in Telegram channels, but it was not confirmed. The company called such claims unreliable, and also emphasized that it did not introduce new policies, rules or restrictions aimed at clients from Russia and the CIS.
Compliance is our priority at OKX. Any account shutdown and/or freeze is a result of a violation of the applicable rules and regulations that we must follow as a company,” the crypto exchange said in a statement.
At the moment OKX is one of the most popular crypto exchanges in the country. It is one of the first platforms for trading digital assets in history, it is among the top three leaders in terms of trading volumes for both spot and derivatives.
The only limitation on the exchange for Russians is the absence of the Russian ruble on P2P and the ability to buy cryptocurrency from cards issued only outside the country. Other services are fully available.
OKX ranks third in daily trading volume with $1.4 billion, according to CoinGecko.
Another popular crypto exchange among Russians is Bybit. Its P2P platform has limited payment methods related to the Russian ruble. Otherwise, users from Russia can fully use the platform’s services.
The amount of transactions on Bybit per day is $2.4 billion. The platform ranks second in this indicator.
There is also an increase in interest from Russian traders in the crypto exchange Deribit. This is a cryptocurrency derivatives platform, where spot trading is also available. The exchange does not work with fiat currencies, it can be replenished using Bitcoin. For Russians, the platform does not offer the option to buy cryptocurrency directly from a bank card.
Trading volumes on the platform are not tracked by the CoinGecko service. At the same time, the volume of transactions on the Deribit spot market is $19 million per day.
Crypto exchange HTX Before rebranding, it was called Huobi. It is one of the oldest platforms in the industry and one of the leaders in trading volumes. The only limitation for Russians is that it is impossible to buy cryptocurrency directly from a bank card. However, the option is available on the P2P platform.
According to CoinGecko, HTX’s daily trading volumes are $871 million. The platform is in the top 20 for this indicator.
The site will be open again in 2022 Bitfinex refused to freeze the accounts of Russians. This is not surprising, since users from the Russian Federation account for a significant share of the company’s clients. At the same time, it is known that it does not serve residents of Crimea, and does not provide access from the territory of the DPR and LPR.
Bitfinex trading volume reaches $70 million, according to CoinGecko.
Another crypto exchange popular among Russians is KuCoin. The only restriction for users from the Russian Federation is that there are no banks under sanctions for replenishment. The platform is one of the largest in the world in terms of trading volumes.
KuCoin is fifth on the list of the largest crypto exchanges by daily trading volumes. Its transaction volume reaches $452 million in 24 hours.
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Source: Cryptocurrency
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