Spot trading volume on South Korean cryptocurrency exchange Upbit rose 42.3% to $29.8 billion in July, according to data from CCData portal. Coinbase and OKX recorded declines in trading volumes, with Coinbase down 11.6 percent to $28.6 billion and OKX down 5.75 percent to $29 billion.
According to analysts
CCData, the rise in Upbit’s performance 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 cryptocurrency exchange landscape, where exchanges similar to Upbit could compete with industry leaders and decentralized platforms (DEX) are gaining popularity among traders looking for relevant alternatives.
Binance holds the first position and market share as the largest cryptocurrency spot trading platform with a trading volume of about $208 billion. While Binance remains in the lead, cryptocurrency market experts note that the exchange’s market share has declined for the fifth consecutive month and now stands at around 40.4 percent.
In July, the Binance team said the exchange became the first cryptocurrency platform to receive an MVP operating license from the Dubai Virtual Asset Regulatory Authority (VARA).