Amid Bitcoin Bull Run, Binance Trading Volume Soar to $37 Billion High

November 25, 2020 1:16 PM UTC

Trading volume on Binance, the leading cryptocurrency exchange, has surged exponentially following the Bitcoin price rally. In the last 24 hours, crypto trading volume on the giant exchange has hit a new spike of $37 billion. Furthermore, Bitcoin futures open interest has also increased to an all-time high of $1.17 billion, based on data from Glassnode.

Over the last couple of months, Bitcoin price is quickly accelerating to achieve a new milestone. After soaring 4%, the price of BTC is over $19,100, momentum achieved for the first time in three years. As an outcome of the crypto’s growing trend, both crypto trading volume and futures open interest have benefitted. 

As per CoinMarketCap data, Binance daily trading volume has bounced 40.5% in order to hit a milestone of $37,291,444,117. Previously, the report from the analytics site showed that Binance trading volume reached close to $25 billion.

Binance Stop Serving U.S Users 

While Binance is witnessing a massive surge in trading volume, it is achieving new heights without U.S users. According to the report, the exchange has warned U.S users to withdraw all crypto assets.

To notify the user, Binance has started sending emails, “please note that as per our terms of use, we are unable to service US persons. You have 14 days to close all active positions on your account and withdraw all your funds, failing which your account will be locked.”

However, the warning came after the exchange announced that it would be introducing Binance.US in collaboration with BAM Trading. Although the platform, Binance.US, isn’t accessible in all states and presents a small number of trading pairs for tokens, but it is fully regulated.

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