According to the CCData portal for July, the volume of spot trading on the South Korean cryptocurrency exchange Upbit increased by 42.3%, to $29.8 billion. Coinbase and OKX recorded a decrease in trading volumes: Coinbase by 11.6%, to $28.6 billion, and OKX fell 5.75% to $29 billion.
According to analysts
CCData, Upbit’s growth can be attributed to more favorable regulation of the digital asset market in South Korea. The event points to a possible dynamic shift in the global crypto exchange landscape, where exchanges like Upbit can compete with industry leaders and decentralized platforms (DEXs) are gaining popularity among traders looking for appropriate alternatives.
Binance holds the number one position and market share as the largest spot cryptocurrency trading platform with a trading volume of around $208 billion. While Binance still remains in the lead, cryptocurrency market experts notethat the market share of the exchange has been declining for the fifth month in a row and now stands at about 40.4%.
In July, the Binance team announced that the exchange became the first cryptocurrency platform to receive an MVP operating license from the Dubai Virtual Assets Regulatory Authority (VARA).
Source: Bits

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