Binance Volume Skyrockets
Despite regulatory pressure from all sides, Binance has continued to soldier forward. This has not only been a dedicated positive mental approach but also one that has been reflected in the data. Despite Binance canceling certain products and deposits via certain channels in numerous jurisdictions, the exchange is still churning out monstrous volume. During the month of September, the exchange was averaging a daily trading volume of $60 billion to $90 billion. Just recently the exchange crossed the threshold of $100 billion for a single day, which is impressive by any standards.
Remember, this is only one single exchange! It starts to make sense why this particular entity was chosen as an easy target. I have mentioned it before in my writings, when you wish to harm an industry, you hit the leader.
It appears that an example was to be made of Binance, sending a clear message of expected regulatory scrutiny. Binance has however responded in a way that perhaps surprised some and disappointed others. Either way, it is clear that despite regulatory scrutiny and KYC measures, users are still flocking to the exchange.
DeFi has experienced a tremendous amount of recognition and growth, which has seen a lot of traditional traders shifting over to DeFi-based models. However, this has not seemed to affect centralized exchanges, probably due to increased adoption and new users entering the space. This poses the question, "Are Dividend Paying Exchange Tokens Still Worth It?". This is what I address in my latest post on the Official Sapphire Crypto Blog.
I also reveal which exchange tokens I am currently holding, with one very special allocation that I am banking on even though it has already had a recent rally of over 100X. During the current bull run, it has surged from approximately $0.03 to $3.26 and is currently trading at $0.53.
You can read more about it here. Thanks for reading, see you in the next one!
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