Binance Hits Historic $100T Volume, Leads Crypto Exchange Market

Crypto exchange Binance hits $100 trillion in combined spot and derivatives trading volume mark. This success served to strengthen its claim and led

Binance, the world's largest cryptocurrency exchange by trading volume, has now crossed the historic $100 trillion mark in combined spot and derivatives trading volume. This achievement further cements Binance's position at the forefront of the crypto exchange industry.

As per the latest data from CCData, Binance has now become the first centralized exchange (CEX) to achieve this remarkable feat. This achievement also places Binance at the top among all crypto exchanges worldwide.

The trading volume, which encompasses both the spot and derivatives markets, highlights the platform's vast reach and the substantial capital flowing into the crypto sector. Notably, OKX, which has been enhancing its services, ranks as the second-largest exchange with a lifetime trading volume of $25 trillion.

Interestingly, despite ceasing operations in November of 2022, FTX still manages to claim the sixth position in terms of total trading volume. This ranking is based on the trading volume that FTX still boasted prior to closing down. However, its presence serves as a reminder of the volatility and risks associated with digital asset exchanges.

Among other exchanges, Bybit and Bitget follow closely with a trading volume of $13.2 trillion and $10.9 trillion, respectively, ranking as the third and fourth largest exchanges. These platforms have been garnering attention through their enhanced user experiences and diversified product offerings.

Binance Expands Its Reach in Africa with Mobile Money Payments Integration

Beyond its trading prowess, Binance has also been expanding its operations in Africa, now adding mobile money payment options for crypto transactions in six countries. Through this expansion, users in Benin, Cameroon, Ivory Coast, the Democratic Republic of Congo, Togo, and Senegal will be able to purchase digital currencies using mobile money.

This expansion enhances financial inclusion, providing accessible entry points to the digital economy for African users. The move also follows the successful launch of the exchange's One Click Buy and Sell (OCBS) service in other African countries earlier this year.

BNB Price Awaiting a Potential Rally as Binance Trading Volume Surges

With Binance continuing to achieve new milestones in trading volume and expanding its services, attention is now turning to the BNB price. Currently trading around $600, BNB price has shown resilience in a fluctuating market.

As BNB price approaches the $620 resistance level, analysts are watching closely. If BNB price manages to break through this barrier, a rally toward $800 could be on the horizon, representing a 35% increase from its current value.

At press time, Binance Coin (BNB) price is $597.27, up 3.61% over the past 7 days. The market cap stands at $87.16 billion, with a 24-hour trading volume of $1.48 billion.

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