Bank

April

USDC

Spot

In April, derivatives trading volume on the largest exchanges decreased by 1.4% month-on-month. 
However, futures trading volumes on <a href="https://crypto.news/tag/binance/" target="_blank" rel="">Binance</a>, the largest centralized exchange (<a href="https://crypto.news/tag/CEX/" target="_blank" rel="">CEX</a>), rose more than 72% in April compared to March. 
According to the <a href="https://wublock.substack.com/p/cex-data-report-for-april-spot-trading?r=jbpop&amp;utm_campaign=post&amp;utm_medium=web&amp;triedRedirect=true" target="_blank" rel="">Wu Blockchain</a> team, the sharp increase in trading volume is due to Binance introducing a time-limited fee discount for USDC perpetual contracts, which led to a rise in trading volume for perpetual agreements. 
However, excluding this, the total trading volume in April decreased by 26.6% compared to the previous month. The three largest declines in futures trading volumes were the exchanges Bitget at 16.1%, Crypto.com at 15.6%, and HTX at a 13.4% decline. 
<figure class="wp-block-image size-large">
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 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/05/Screenshot-2024-05-13-at-16.51.32-1024x732.png.webp"> 
 <img loading="lazy" decoding="async" width="1024" height="732" src="https://crypto.news/app/uploads/2024/05/Screenshot-2024-05-13-at-16.51.32-1024x732.png" alt="Binance trading volumes spike 72% despite market decline - 19"> 
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 Source: <a href="https://wublock.substack.com/p/cex-data-report-for-april-spot-trading?r=jbpop&amp;utm_campaign=post&amp;utm_medium=web&amp;triedRedirect=true" target="_blank" rel="">Wublockchain</a>
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Spot trading volume fell even further, down nearly 38% month-on-month. Of all exchanges, Gate was the only one to see an uptick in activity at 13.7%. The exchanges that took the biggest hits were Kucoin at 70.8%, Upbit with a 57.5% decline, and Bitfinex with a 47.7% decrease. 
In early April, Binance Futures <a href="https://www.binance.com/en/support/announcement/binance-introduces-limited-time-trading-fee-discount-for-usdc-margined-perpetual-contracts-2024-04-03-fc7732cf48cd49cf95e53aa479ed4deb" target="_blank" rel="">introduced</a> a trading fee discount for&nbsp;all <a href="https://crypto.news/price/usd-coin/" target="_blank" rel="">USDC</a>-margined perpetual contracts. During the promotion, all Binance users&nbsp;received discounts when trading any USDC-margined perpetual contracts. 
The promotion began shortly after Binance founder Changpeng Zhao was <a href="https://crypto.news/binance-founder-changpeng-zhao-sentenced-to-4-months-in-prison/" target="_blank" rel="">sentenced</a> to four months in prison due to violating the Bank Secrecy Act, and the exchange was fined $4.4 billion as a result. 
Zhao pleaded guilty and made a deal with the investigation, resigning as CEO of Binance&nbsp;and agreeing to pay a $50 million fine. 
 You might also like: <a href="https://crypto.news/too-harsh-or-too-lenient-changpeng-zhaos-sentence-divides-opinion/" rel=""> Too harsh or too lenient? Changpeng Zhao’s sentence divides opinion </a>

Binance trading volumes spike 72% despite market decline

crypto.news

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