Many millionaires were made almost overnight as the cryptocurrency market began to skyrocket in late 2017. Along with the rising popularity of crypto came the growing importance of crypto exchanges, which became the most popular platforms where people bought and sold cryptocurrency. In a matter of six months, some exchanges, like global giants Binance and Huobi, transformed from unknown startup companies into major players that processed over one billion USD in trade through their platforms every day.
ICORating has launched a new section on our website dedicated to cryptocurrency exchanges. In our new section, users can find information on all of the world’s major crypto exchanges, including daily trading volume, listed token pairs, country of origin, social media accounts, and other useful facts.
In connection to our launch of the our new cryptocurrency exchange website section, we’ve prepared a map of the countries where the biggest crypto exchanges by trading volume do business. According to data on July 25, 2018 collected from CoinMarketCap, only four territories handled 24-hour trading volumes over one billion USD on July 25: the Seychelles ($5.5 bln), Hong Kong ($2.3 bln), China ($1.95 bln), and the UK ($1.48 bln). Each territory was dominated by one exchange that accounted for the bulk of trading volume: BitMEX in the Seychelles, Binance in Hong Kong, OKEx in China, and Huobi in the UK.
Exchanges in both Singapore and South Korea handled just under one billion USD each, with Singaporean exchanges processing $962 mln and South Korean exchanges processing $916 mln in 24-hour trading volume. The territories with the largest daily exchange volume in the Americas were the British Virgin Islands ($455 mln), the United States ($373 mln), and Canada ($274 mln). Apart from the UK, the European territories with the largest daily exchange volume were Estonia ($206 mln), Russia ($145 mln), and Malta ($119 mln).