In January, Russian users led in visits to the cryptocurrency exchange Bybit, accounting for 23% of the traffic. This was reported by journalist Colin Wu.
Russian activity was also noted on platforms MEXC (19% of total traffic), Bitget (11%), and HTX (10%).
Alongside users from Russia, 10% of all HTX visits were from Ukrainian citizens.
In January, visits to major exchanges decreased by 13% compared to the previous month. The largest declines were at Huobi — 32%, Bitfinex — 22%, and Crypto.com — 11%.
Spot trading volumes increased by 2.6%, with Bitfinex leading at 20%, followed by Crypto.com and Huobi at 16% each.
Futures trading collectively rose by 1.3%. The largest increases were at Bitget — 28%, Crypto.com — 15%, and MEXC — 14%.
Bybit has maintained its leading position in visits by Russian users for the fourth consecutive month.
Following Binance’s announcement of its exit from Russia, some users migrated to other platforms instead of the alternative exchange CommEX. In addition to Bybit, HTX, KuCoin, and Gate.io also recorded an influx of new Russian clients.