Markets
Biggest Cryptocurrency Exchanges of 2024 | Statesman
Cryptocurrency trader Binance ranked among the largest cryptocurrency exchanges in the world in 2024, with trading volume many times higher than that of Bybit or OKX. It should be noted that these figures are separate from the Binance.US, Binance TR or Binance.KR platforms. The Cayman Islands platform was the subject of investigations by the US SEC, which concluded in November 2023. Binance was not classified as the cryptocurrency exchanges most used by consumers in the United States.
Binance agreement with the United States
In November 2023, Binance agreed to pay a settlement of four billion US dollars with US agencies – one of the largest corporate fines in US history. The US Department of Justice has been investigating the platform for years for failing to prevent money laundering and growing theft of cryptocurrencies. Company founder and CEO Changpeng Zhao pleaded guilty to the charges, agreeing to step down. Zhao would remain the company’s majority shareholder. The US Treasury announced that Binance will be subject to five years of monitoring and “significant compliance commitments, including to ensure Binance’s complete exit from the United States.”
Mixed signals from crypto companies
The Binance deal happened in a month where overall cryptocurrency trading volume recorded the highest numbers for all of 2023. One of the main causes is the sudden popularity of FTT, a token released by FTX, the company founded by Sam Bankman-Fried. Developments surrounding Binance have led investors to move away from Binance’s BNB stablecoin towards FTX’s stablecoin. In early November 2023, however, Coinbase saw its shares plummet following the announcement data relating to quarterly performance.