According to a study conducted by analysts at Kaiko in partnership with the Bitvavo exchange, just five cryptocurrency platforms accumulate 98% of the global trading volume in euros.
There are more than 15 major crypto exchanges in the world that support the euro, but only a few can boast a significant trading volume denominated in this currency. Bitstamp, Bitvavo, Coinbase, Kraken and the world’s largest crypto exchange Binance dominate. In 2023, Kraken had a cumulative trading volume of €25 billion, followed by Binance, which once held the largest market share. According to Kaiko Research, due to legal issues, Binance’s share of the spot market among centralized trading platforms decreased by 18%.
Traders using the euro most preferred Bitcoin in 2023, which rose significantly in price at the end of the year. According to Kaiko analysts, Bitcoin trading volume in Europe exceeded 37 billion euros, eclipsing ETH (15 billion euros) and XRP (9.5 billion euros).
Kaiko analysts noticed a correlation between euro trading volume and the number of trading pairs. In particular, more than 200 European currency trading pairs are available on Kraken and Bitvavo, which has strengthened their position in Europe. International exchanges Bitflyer and Bybit are more focused on the Asia-Pacific region.
Now in Europe the number of crypto exchanges registering headquarters is growing. This trend will develop in 2024 due to the emergence of a clear legal regime – the EU Cryptocurrency Regulation Act (MiCA).
Last week, EU deputies announced that they would tighten the rules for verifying clients of crypto services to combat money laundering. Industry companies will have to not only verify customer information, but also report suspicious activity.
