Binance Sees 30% Surge in Trading Activity on FTX Implosion
- Trading volume for Coinbase, Kraken rose in November as well
- Less trading was seen on smaller exchanges at the same time
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Digital-asset exchange Binance Holdings Ltd. saw a substantial boost in trading activity as Sam Bankman-Fried’s FTX crypto empire collapsed in November.
Trading activity on the largest crypto exchange jumped by 30% last month, when FTX had a liquidity crunch that eventually led to its bankruptcy and wrecked havoc on the crypto market. The catalyst for the collapse was Binance Chief Executive Officer Changpeng “CZ” Zhao’s Nov. 6 announcement that the exchange was selling its holdings of FTT because the native token of FTX was too risky. FTX had operated the second-largest spot and derivatives exchanges.