Tag: Exchanges

Crypto Exchange Spot Trading Surges 36.5% in September, Led by Binance

Spot trading volume across 14 major cryptocurrency exchanges surged by 36.5% in September, reaching a total of $696.7 billion. This marks a significant rebound from the $510.4 billion recorded in August, with data from WuBlockchain indicating growth across all listed exchanges.

Broad-Based Rebound Across Platforms

The increase in trading activity was not confined to a select few platforms. All 14 exchanges reported higher spot trading volumes, suggesting a strengthening of activity across both centralized and decentralized trading venues.

Uniswap and Upbit Show Strong Percentage Gains

Among the exchanges, Uniswap posted the most substantial percentage increase, with its volume climbing 88.9% to $37.6 billion. Upbit followed closely, experiencing an 81.6% rise to $19.0 billion. Bitfinex also saw a notable jump of 112.5%, bringing its volume to $13.8 billion. While these percentage gains are impressive, the absolute starting volumes play a crucial role in market share.

Binance Dominates Market Share

Binance continued to lead the market, generating $307.8 billion in spot volume for September, representing a 44.2% market share. This positions Binance significantly ahead of its closest competitors, OKX with $65.8 billion and Coinbase with $61.3 billion.

Top Exchanges’ Combined Share Declines Slightly

The combined market share of the top three exchanges—Binance, OKX, and Coinbase—stood at 62.4% in September, a slight decrease from 64.8% in August. While these leading platforms still command a substantial portion of the market, their collective dominance has marginally loosened as other exchanges experienced faster growth.

Coinbase’s volume increased by 49.8% month-over-month, and OKX saw a 40.3% gain, both outpacing the overall market’s 36.5% growth rate.

Outlook Remains Uncertain

The September figures clearly indicate a robust rebound in spot trading activity. However, the underlying drivers of this surge and its sustainability into the coming months remain to be seen. While the month’s performance signals a positive trend, a single month of growth does not definitively confirm a sustained upward trajectory. The coming weeks will be crucial in determining whether this momentum continues.

Kraken Secures Full Dubai License, Poised for UAE Market Entry

Cryptocurrency exchange Kraken is set to launch its services in the United Arab Emirates following the acquisition of full market approval from Dubai’s Virtual Asset Regulatory Authority (VARA). This landmark decision permits Kraken’s parent company, Payward, to operate as a licensed virtual asset service provider within Dubai, catering to retail, professional, and institutional investors across the region.

Initial Offerings and Future Expansion

Upon launch, customers in the UAE will gain access to spot and margin trading, with trading pairs denominated in the UAE dirham (AED). A significant enhancement for users will be the ability to directly deposit and withdraw funds in dirhams, potentially eliminating the need to convert other currencies for trading activities.

The initial service lineup will also encompass on-chain staking, xStocks, and Kraken’s crypto transfer service, Krak. Institutional clients can expect access to over-the-counter (OTC) spot trading and Kraken Prime. The company has indicated plans to progressively introduce additional products, with crypto derivatives and a broader spectrum of yield opportunities anticipated for release in late 2026 and into 2027, subject to further regulatory clearances. Furthermore, Payward intends to extend its trading infrastructure to regional partners through an embedded “trading-as-a-service” model.

Regulatory Milestone and Global Footprint

This latest approval represents the final phase of VARA’s licensing process. It follows a preliminary approval granted to Payward in May 2026, which enabled the company to finalize its operational setup before onboarding customers. Payward currently holds over 100 licenses and registrations globally, with a regulatory presence spanning Europe, the Americas, Asia-Pacific, and the Middle East.

Arjun Sethi, Co-CEO of Payward and Kraken, commented on the development, stating, “From launch, clients in the UAE get the same order book and multi-asset coverage we run in every other market, under one of the clearest regulatory frameworks in the world. Payward’s regulatory infrastructure now connects them directly to Kraken’s market-leading liquidity, along with a growing range of opportunities across digital assets.”

A Busy Year for Kraken

Kraken has experienced a dynamic year. In April, Deutsche Börse invested $200 million in the crypto exchange. In June, Kraken partnered with Maple to introduce institutional-grade lending protections on the blockchain via a facility for digital asset-backed loans. More recently, in September, Nasdaq agreed to invest an additional $100 million in Payward, valuing the parent company at $21 billion. The two entities are also collaborating on tokenized stocks, with a targeted launch for the second quarter of 2027.

Binance Introduces Automatic Order Routing to Enhance Liquidity

Binance has launched a new Automatic Order Routing feature designed to improve trading efficiency, particularly for pairs with lower liquidity or those quoted in local fiat currencies. The feature aims to provide users with access to deeper market liquidity more seamlessly.

Previously, traders often had to execute multi-step manual processes to access better pricing, incurring trading fees at each stage. For instance, converting one currency to USDT and then USDT to another asset like Bitcoin (BTC) would involve separate transactions. The new Automatic Order Routing system automates this entire process in the background. Users will now incur a single trading fee, applied at the standard rate and deducted from the receiving asset of the executed pair. For example, a sell order for BTC denominated in a local currency, if routed through BTC/USDT, would have its fee charged in USDT. The usual BNB fee discount remains applicable if enabled. The system allows users to trade into their desired asset via the most optimal route with a single click.

Binance notes that while price improvement is a potential benefit, it is not guaranteed as order books are dynamic and can change after a routing decision is made.

Improved Liquidity and Fee Structure

With Auto Order Routing enabled, Binance’s system will compare the local currency order book with intermediary order books to identify and route the order through the path offering the best quoted price.

The feature operates without additional fees beyond the standard Binance Spot trading fee, which is determined by the user’s VIP tier and BNB discount status. Binance will not charge a commission for the conversion of intermediary quote currencies, such as USDT to a local currency, that are part of the routed path. However, standard market spreads will still apply.

User Control and Availability

Users can enable or disable Auto Order Routing through the “Trading Mode” dropdown menu on the trading page. When the feature is disabled, orders will be routed exclusively to the local currency pair.

The rollout of Auto Order Routing will be gradual across the platform. Trading pairs eligible for this feature will be clearly indicated on the trading interface. Users are advised to verify the eligibility of a trading pair before placing an order.

Auto Order Routing may be subject to availability for eligible users in specific countries and is not intended for users subject to any applicable restrictions or prohibitions.

Further details can be found in Binance’s FAQ section.

Coinbase plans to relaunch its Coinbase Pro platform by the end of the year, integrating expanded offerings that include crypto options and stock trading. This strategic move aims to consolidate various trading tools into a single interface, enhancing the experience for active traders.

The upcoming iteration of Coinbase Pro will bring together direct asset purchases, price-linked contracts (crypto options), and stock trading. This integration is designed to streamline the trading process for users engaging with multiple asset classes. However, the availability of the platform and its specific features will vary by jurisdiction.

This platform evolution signals Coinbase’s focus on consolidating and expanding its services to cater to a diverse trading audience. The relaunch is intended to provide a unified environment for different types of trading activities.

Specific details regarding the expected benefits for active traders have not been provided, and the platform’s availability will differ across various regions. Coinbase has not yet released an exact launch date within the year-end timeframe or detailed rollout plans for specific markets.

Why This Matters

The materials describe a narrow update: Coinbase plans to relaunch Coinbase Pro by the end of the year, integrating direct asset purchases, price-linked contracts (crypto options), and stock trading into a single platform. Specific details on the expected gains for active traders are not provided.

Broader Context

Source materials place the announcement in this context: Coinbase Pro is scheduled to return at year-end as the exchange expands access to crypto options and combines trading tools across markets.

Coinbase announced on October 6, 2026, the relaunch of its Pro platform, now integrated into a broader Coinbase Global Exchange. This strategic development follows Coinbase’s acquisition of Deribit in August 2025.

The newly integrated platform aims to consolidate various trading products, offering enhanced order routing and spot margin trading with leverage. The integration involves migrating clients to Deribit’s infrastructure and merging liquidity pools. The relaunch is being implemented in stages based on region and client type, with full integration anticipated by the end of 2026.

Coinbase claims this integration creates the first connection of U.S. and international derivatives markets into a single regulated liquidity pool. The relaunched platform is designed for high-volume traders and is intended to support spot, futures, perpetuals, options, and equities trading. Plans include offering spot margin trading with up to 10x leverage on major assets and up to 5x leverage on other assets.

The acquisition of Deribit, completed in August 2025 for approximately $2.9 billion, is a key component of this integration. As of September 30, 2026, Deribit held over $30 billion in Bitcoin options open interest and processed more than $1 trillion in trading volume in the year leading up to October 2026.

Clients of the Coinbase International Exchange were migrated to Deribit, and the legacy platform transitioned to read-only mode on October 1, 2026. This migration and the read-only status of the legacy platform signal a commitment to the new integrated architecture.

The full relaunch of the Coinbase Pro product is scheduled for the end of 2026. The success of the Deribit acquisition, valued at approximately $2.9 billion, will be a key indicator of the strategy’s payoff.

Uncertainties remain regarding the exact timeline for options access for U.S. retail users and the overall success of the Deribit acquisition.

Why This Matters

The materials describe a narrow update: Coinbase announced the return of its Pro platform, integrated into a larger Coinbase Global Exchange formed after acquiring Deribit. The exact timeline for options access for US retail users.

Broader Context

Source materials place the factual news in this context: Coinbase Pro is coming back. This time it lives inside something much bigger than the old trading interface ever was.

Bybit’s 40th proof-of-reserves report, released around September 30, 2026, shows covered assets totaling $19.6 billion as of a September 23, 2026 snapshot. This figure represents an increase from the previous report’s $18.1 billion, a rise primarily attributed to the addition of 10 new tokens, expanding the total covered to 50. According to the report, all 50 tokens maintain a reserve ratio of 100% or higher, verified by Hacken.

The report, based on data from 03:00 UTC on September 23, 2026, details Bybit’s covered assets at $19.6 billion. This is up from approximately $18.1 billion in the prior report. The expansion of the in-scope list to 50 tokens, an increase of 10 new assets, is cited as the primary reason for this growth, rather than solely an increase in user deposits. The 10 newly added tokens reported reserve ratios ranging from 101% to 125%.

Key asset reserves remain robust. Bitcoin user assets were approximately 56,131 BTC against reserves of 58,722 BTC, yielding a 104% reserve ratio. Ethereum user holdings stood at 551,869 ETH with reserves of 570,018 ETH, a 103% reserve ratio. For Tether (USDT), liabilities were around $3.59 billion with reserves at approximately $3.96 billion, showing a 110% reserve ratio.

Bybit initiated its proof-of-reserves program in December 2022 and has issued monthly reports since then. The verification process utilizes Merkle trees, a cryptographic method ensuring data integrity. The exchange reports serving over 80 million users.

It is important to note that this report reflects balances at a specific moment in time. Assets outside the list of 50 tokens are not included in this verification. The monthly report aims to provide transparency in an industry where exchange solvency is a recurring concern.

As stated in the report, every token in scope was fully backed at the time of the snapshot. However, the report also acknowledges the inherent limitations of snapshot data, noting that assets outside the specified list are not part of this particular verification.

Broader Context

Source materials place the factual news in this context: In an industry where exchange solvency is a recurring worry, a monthly receipt like this gets read closely.

Why This Matters

Bybit’s consistent monthly proof-of-reserves reporting, now encompassing 50 tokens, offers a degree of transparency in an industry frequently concerned with exchange solvency. The latest report highlights robust reserve ratios across all covered assets, with the increase in total covered value primarily driven by the expanded token list rather than solely new deposits.

MAX Digital Asset Exchange, operated by MaiCoin Group, has integrated native Tether USDT on the Aptos blockchain, enabling direct conversions with Taiwanese Dollars (TWD) and enhancing accessibility to the Aptos ecosystem for TWD users.

Key Dates and Functionality
Deposits and withdrawals for Aptos-native USDT on MAX went live on September 29. New trading pairs are scheduled to launch on September 30 at 15:00 GMT+8. This integration facilitates seamless on-ramp and off-ramp functionality, allowing users to convert TWD to Aptos-native USDT and withdraw it directly to an Aptos wallet, or vice versa, without relying on wrapped assets or cross-chain bridges.

Expanded Trading Options
In addition to USDT support, MAX is introducing new trading pairs for HYPE, GRAM, APT, and RENDER, also commencing on September 30. These additions aim to offer users greater trading flexibility.

Critical User Warning
MAX has issued a crucial advisory: users must select the correct Aptos network when initiating USDT deposits. Failure to do so could result in the permanent loss of assets, highlighting the importance of user diligence when managing digital assets across blockchain networks.

Ecosystem Context
Tether began issuing USDT natively on the Aptos blockchain in late 2024. This move has been followed by adoption from major exchanges, including Binance and Bithumb, signaling a growing trend for Aptos-native USDT.

For Taiwan’s market, TWD-denominated trading pairs on platforms like MAX are significant. As the Taiwanese Dollar is less commonly supported on global exchanges compared to major currencies like the US Dollar, Euro, or Japanese Yen, local exchanges play a vital role in bridging this gap for domestic users.

MaiCoin Group, the operator of MAX, emphasizes a compliance-focused approach for the exchange, aligning with the evolving digital asset regulatory landscape in the region. The group also issues its own utility token, MAX, which provides trading fee discounts on the platform.

Why This Matters

The materials describe a narrow update: MAX Digital Asset Exchange, operated by MaiCoin Group, has enabled support for native Tether USDT on the Aptos blockchain. TWD-denominated trading pairs on local platforms like MAX fill a critical gap because the Taiwanese Dollar is not as widely supported by global exchanges as the US Dollar, Euro, or Japanese Yen.