OKX Sees Fivefold Increase in Russian Traffic in 2023

By the end of 2023, traffic from Russia to the cryptocurrency exchange OKX surged by approximately 400%—from 250,000 to nearly 1.25 million visits. This is according to data from the analytics service SimilarWeb.

Russia now ranks alongside Mexico and Japan as one of the top three countries driving traffic to OKX.

The main surge began in late August. During this period, Binance restricted trading for Russians to rubles only, and in September, it announced a complete exit from the market, selling its regional business.

Additionally, OKX’s strengthened position was attributed to active efforts in attracting new users through various marketing campaigns. Notably, they mentioned the “Trade Like a Pro” contest with a prize pool exceeding 2 million USDT and a joint educational initiative with The Open Network.

According to TokenInsight, OKX increased its global market share to 16.1% by the end of 2023. Alongside Binance, the platform ranked among the top three in trading volume on both spot and derivatives markets. It secured third place in the spot market with a 7.1% share and second place in the derivatives market with a 17.9% share.

As reported by journalist Colin Wu, in December 2023, users from Russia ranked first in visits to cryptocurrency exchanges Bybit, HTX, and MEXC.