Colin Wu reveals that Bybit now captures 20% of the total user base in Russia. In second place is the HTX exchange (formerly Huobi) with 14%, followed by Deribit and MEXC with 11% each. Bitget takes the fifth spot with 10% of the total user base. Meanwhile, US users prefer Coinbase (59%) and Crypto.com (26%).
The data for November reflects a substantial increase of 60% in spot trading volumes on major exchanges compared to the previous month. The top three in terms of percentage change are KuCoin (109%), OKX (93%), and Mexc (70%).
Website traffic on major exchanges also saw an 8.5% increase in November compared to the previous month. The three exchanges with the highest percentage change are Kucoin (32%), Crypto.com (27%), and Binance (23%). On the other hand, Huobi (-84%), Bybit (-2%), and Gate (-2%) experienced the worst performance in this regard.
Binance is currently in the process of gradually phasing out its operations in Russia. Starting from February 2024, users of the Binance peer-to-peer platform will no longer be able to exchange rubles. Interestingly, despite the restrictions imposed by major crypto exchanges on cards issued by sanctioned Russian banks, Russians have been actively utilizing them for P2P transactions, as reported by Forbes based on data from Monetory.io.