The State of Binance 2023Q1

In our Crypto Exchange Report 2023Q1, we mentioned that the Top 15 exchanges had a total volume of $10.8 trillion in 2023Q1, of which more than half was contributed by Binance. As the largest Crypto exchange by far, Binance's every move has an impact on the whole Crypto industry. We have summarized Binance's movements and data performance so far this year in order to understand how Binance is doing.

Out of the nearly $6 trillion of trading volume in Q1, over $4.4 trillion came from derivatives trading, while spot trading contributed $1.55 trillion.

The significant increase in trading volume in mid-to-late March was clearly related to the rise in the price of Bitcoin (from around $17,000 in mid-to-late March to over $25,000.)

In 2023 Q1, Binance newly listed a total of 9 tokens for spot trading, namely SUI, EDU, ID, RDNT, ARB, LQTY, SYN, GNS, and RPL, with ID and EDU coming from the Binance Launchpad.

Binance's website had an average monthly visit of about 70M in Q1, ranked 510th in terms of global website traffic.

The top 5 countries/regions with the most visits to Binance were Turkey, Russia, Vietnam, Argentina and India, which together contributed 25% of the total number of visits.

As a result of a series of events, the market cap of BUSD declined rapidly from $16B at the beginning of the year to only $6.2B at the end of April. Its market share also fell from 12% to 4.8%.

Throughout CZ's Twitter posts in Q1, in addition to regular news updates and clarifications related to the exchange, the most frequent content was related to the number "4".

The first time CZ posted about "4" was at the beginning of the year when he expressed a focus on education, compliance, products and services for 2023, and the 4th point was to ignore FUD, fake news, and attacks.

Afterward, every time CZ posted about "4," he emphasized that any attacks or rumors about Binance were simply FUD (fear, uncertainty, and doubt) and not to be believed.