• Binance is still the most popular cryptocurrency exchange in the world, with 170 million visitors in October

  • With the cryptocurrency sector expanding rapidly, Binance has come under fire from regulators around the world, who accuse the exchange of facilitating digital currency-related vices. However, regulatory concerns do not appear to have deterred Binance from maintaining its lead among cryptocurrency exchanges.

    Binance had the highest web traffic among digital currency exchanges in October of this year, with 171 million visitors. The number of visitors increased by 12% over September. Coinbase came in second, with 31 percent more visitors in October, totaling 91 million. With 25 million visitors, PancakeSwap ranks third.

    KuCoin is ranked sixth with 20 million visits, representing a 38 percent increase from September’s figure. With 13 million visitors, Kraken is ranked tenth. ICO Analytics and Similar Web provide data on cryptocurrency web traffic.

    How has Binance managed to keep more visitors?

    The large number of web visitors emphasizes the importance of exchanges in the midst of the growing popularity of cryptocurrencies. Overall, exchanges are critical points of access to the entire cryptocurrency ecosystem as more investors seek a piece of the pie. Furthermore, the figures demonstrate the competitive nature of the cryptocurrency exchange industry as it seeks to attract more users.

    However, Binance appears to be miles ahead of the competition in this highly competitive market. The figures are potentially consistent with the Binance business model, which has been hailed as innovative.

    Operating in crypto-friendly Malta, as well as the rapid onboarding of new cryptocurrencies, have been some of the factors fueling the growth over the years. Furthermore, Binance’s native token BNB has been central to the exchange’s success. Notably, the token has contributed to the platform’s liquidity.

    It’s worth noting that Binance is one of the few companies that held an Initial Coin Offering (ICO) and followed through on its promises. Binance has been able to expand its user base due to the trust that has been established from the beginning.

    On the other hand, the exchange has come under fire for how it conducts business. Regulators around the world are accusing the exchange of not having adequate anti-money laundering protocols. As a result, some payment companies have ended their partnerships with Binance; however, Mastercard and Visa have maintained their collaboration with the exchange.

    The exchange’s hierarchy has acknowledged regulatory challenges, with CEO Changpeng Zhao stating that the exchange’s goal is to be in good standing with regulators. Furthermore, the exchange has made high-profile onboarding of compliance specialists.

    In other news, despite the exchange’s attempt to go mainstream after going public, American-based Coinbase appears to be Binance’s main competitor. Unlike Binance, the exchange has a positive relationship with US regulators, who are known to be strict.

    With Binance facing legal issues in 2020, it was widely assumed that Coinbase would eat into exchange visitors. Notably, Binance appears to have an advantage over Coinbase, owing to factors such as low fees and a large selection of crypto-related products.

    Exchanges are seeing an increase in visitors as the value of cryptocurrency rises.

    It is worth noting that the majority of the exchanges saw an increase in visitors between September and October. During this time, the cryptocurrency market was reviving after a slump in the middle of the year. Bitcoin was on its way to another all-time high at the time. As a result, the visitors may indicate the number of investors looking to profit from various growing assets.

    Exchanges have become a household name and critical player in the growth of the blockchain space as cryptocurrencies have evolved.

    In general, cryptocurrency exchanges remain critical interfaces between users and the larger blockchain ecosystem. However, regulatory uncertainty in the sector is likely to have a significant impact on the number of users who access various platforms. As the market evolves, exchanges must demonstrate their model in order to compete and meet regulatory requirements.

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