In December 2023, users from Russia ranked first in visits to the cryptocurrency exchanges Bybit, HTX, and MEXC, according to journalist Colin Wu.
Russian clients accounted for 19% of Bybit’s total visits, 12% for MEXC, and 11% for HTX. The latter platform is also popular among citizens of Ukraine and Kazakhstan, each contributing 7% of visits.
Users from the United States most frequently visited Coinbase (59%) and Crypto.com (27%).
Overall, in the last month of 2023, traffic on cryptocurrency exchanges increased by more than 20% compared to November.
The volume of spot trading on major cryptocurrency exchanges increased by 27.4% during the same period. The most significant growth was seen at Gate.io (65%), Crypto.com (50%), and Bybit (44%).
Futures trading also rose by 22.3%, with notable performances by Crypto.com (46%), Bitget (42%), and Binance (26%).
Following Binance’s announcement of its exit from Russia, some users migrated to other platforms instead of opting for the alternative exchange CommEX. Bybit, HTX, KuCoin, and Gate.io recorded an influx of new Russian clients.
In October and November, Bybit and HTX led in the number of visits.