Russia accounted for up to 20% of traffic to major Bitcoin exchanges in November

The cryptocurrency exchange Bybit in November was the most visited trading platform by Russian users — they accounted for 20% of total traffic, according to Wu Blockchain.

A similarly high share of Russians was recorded on HTX — 14%, on Deribit and MEXC — 11% each, and Bitget — 10%.

Ukraine-based customers accounted for 8% of HTX’s total traffic and 5% of Binance’s.

Among U.S. residents, Coinbase accounts for 59% and Crypto.com 26%.

Spot-trading volume rose in November by 60% month on month. The top three by volume were Binance, Upbit and OKX. Notable volume growth was seen in KuCoin — 109.2%, OKX — 93.4% and MEXC — 69.7%.

Futures trading grew 44.4% month on month. The leader in this segment remains Binance, followed by Crypto.com, OKX and Bybit.

Earlier, after Binance’s exit from Russia, a portion of users moved to other platforms instead of using the CommEX exchange. The inflow of new clients from Russia was recorded on Bybit, HTX, KuCoin and Gate.io.

In October, Russians took first place in visits among the top two.

Meanwhile, according to the Bank of Russia, the third quarter saw a significant outflow of users from trading platforms.