OKEx, one of the most popular virtual currency exchanges around the world, was able to surpass Binance as the exchange with the largest trading volume in the market. On December 9, OKEx had a larger trading volume close to $610 million and Binance registered a trading volume of $562 million.
Binance has been one of the most used platforms in the market with a wide range of virtual currencies listed. Other important platforms were also OKEx, Coinbase and Huobi, all of them attracting several investors from different parts of the world.
At the time of writing this article, however, Binance reached the first spot that it usually has. In the last 24 hours, the exchange handled a trading volume of $544 million, 5% more than OKEx that registered a trading volume of $518 million.
The most important trading pairs at Binance are BTC/USDT, ETH/USDT and EOS/USDT accounting for 46% of the total trading volume in the platform. The most important trading pairs are the same as in Binance, BTC/USDT, EOS/USDT, ETH/USDT accounting for 60.2% of the total trading volume.
OKEx has recently been in the news because the platform launched a product called ‘Perpetual Swap.’ The main intention behind this decision is to offer new services beyond the ones that it is currently offering.
Furthermore, the platform has also added support for the Vietnamese dong (VND). However, the intention is to enable customers the possibility to access tokens in exchange for its fiat currency.
In addition to it, the exchange has expanded the business in the United States in order to reach more customers. At the same time, there are some reports that say that the company was able to acquire money transmittal licenses 9 (MTLs) from 20 states.
The exchange is located in Malta which is one of the most friendly countries in terms of regulations and legislation for virtual currencies. There are several exchanges such as Binance or Bitbay that took the decision to settle their operations in the European island. At the same time, the country received the name of ‘Blockchain island’ due to the support that the government and local authorities gave to virtual currencies and blockchain technology.
OKEx has currently more than 400 trading pairs available and Binance has close to 390 trading pairs.
Although OKEx has been expanding, Binance has also been trying to reach new markets and offer services to new clients. For example, it has opened trading activities for Uganda and it has launched the Binance Info Gold Label Project.