Major Western cryptocurrency exchanges including Coinbase, Bitstamp and Kraken have suffered steep declines in terms of trading volumes, while newer platforms in Asia are gaining market share, according to a recent report by research group Diar.
The report, which cites data from CoinApi, revealed that Coinbase handled 83% less volume in July than in January this year, while trading on Bitstamp and Kraken decreased by 73% and 68%, respectively. By contrast, Binance’s volumes remained steady in the period and even posted a 21% increase last month versus June. Trading on peer OKEX hit a record high in July, rising some 32% since the beginning of 2018.
Explaining this trend, Diar noted that the major crypto exchanges based in the US are facing stricter regulations in regards to altcoins, thus they have been restricting their offerings to larger cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). Coinbase and Bitstamp list just five c...
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