Binance CEO Changpeng Zhao has recently implicitly criticized some cryptocurrency exchanges. The latest data pointed to a drastic drop in trading volume of exchanges considered to be criticized by CZ. Here are the details…
Sharp drop in stock market volumes
According to data from crypto researcher and journalist Wu Blockchain, spot trading volumes on major exchanges fell 13 percent in November compared to the previous month. There were also those who experienced an increase in volume. The first exchange to see the biggest increase was Bitget with 97 percent. Coinbase followed with 26% and Huobi with 15%. Phemex was the first cryptocurrency exchange that saw the most decrease in trading volume. Phemex saw a 78 percent drop. BitMart followed Phemex with 63 percent registration, and KuCoin followed BitMart with a 63 percent decline.
Futures trading volume on the main exchange increased by 0.4 percent month-on-month in November. However, a large amount of liquidity was withdrawn from other exchanges. Concentrate on the top stock market. The biggest liquidity increase came from Binance. 21% increase in liquidity data from Binance, 20% from Bitget and 15% from OKX. The three biggest drops were Phemex (62%), KuCoin (44%) and BitMart (43%).
On the other hand, traffic to the websites of major exchanges increased by 2.1 percent in November compared to the previous month. Coinbase saw the biggest increase with 14 percent. Deribit followed with 5 percent and OKX with 0.7 percent. Bitfinex was at the head of the three biggest declines, with 1.5 percent. Upbit followed with 0.6 percent and KuCoin with 0.4 percent.
What did Binance CEO say?
Some of the exchanges in the data table above were criticized by Binance CEO Changpeng Zhao. This criticism was made implicitly. So, it is not known whether the CEO actually targeted these exchanges. Some of them are Crypto.com and KuCoin. cryptocoin.com As we reported, Crypto.com accidentally sent 320,000 ETH to a wallet address linked to Gate.io in late October. The platform has since recovered assets. However, Binance CEO Changpeng Zhao told users it is best to stay away from the platform.
The unprecedented collapse of FTX, once the third largest cryptocurrency exchange and gaining fame as the rescue king of crypto during the recent crypto crash, has led many in the crypto industry to voice concerns about the reliability of central players. To dispel this skepticism, crypto executives began to share evidence of reserve. First, Crypto.com has released crypto addresses, revealing how much and which cryptos it has stored on behalf of its clients.
However, users detected suspicious 320,000 ETH transfers to the wallet address associated with Gate.io in October 2022. Although there was a statement from the stock market that this was done by mistake, the confidence of the crypto community was shaken. Many crypto users questioned how it was possible to accidentally send $400 million worth of ETH to a designated non-recipient address. Changpeng Zhao said, “If an exchange has to move large amounts of crypto before or after revealing wallet addresses, it is a clear sign of problems. Stay away,” he said.
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