Binance Records 30% Jump In Its Trading Activities

Story: Mohd Javed

Amidst the FTX fiasco, Binance saw a substantial boost of 30% in trading activity in November.

The jump has been recorded at a time when the collapsed exchange FTX had a liquidity crunch that eventually led to its bankruptcy and wreaked havoc on the crypto market.

The catalyst for the collapse was Binance Chief CZ's November 6 announcement that the exchange was selling its holdings of FTT because the native token of FTX was too risky.

“Monthly trade volume jumped by 23% to $705 billion for the largest exchanges in November, bolstered by FTX-related volatility” Bloomberg reported.

As per the reports, the Bloomberg Galaxy Crypto Index tumbled about 18% in November while the index is already down about 67% this year.

Last week, BlockFi announced that it had filed for Chapter 11 bankruptcy protection along with eight affiliates in a court in New Jersey.

In an attempt to improve transparency, Binance disclosed the details about his company assets, wallet addresses and customer funds.