June has been quite an unsettling month for users. Web traffic to cryptocurrency exchanges such as Binance, Coinbase has taken a massive hit. According to the latest stats by blockchain analysis firm, ICO Analytics, the figures for cumulative web traffic to crypto exchanges in June have decreased by 42%.
This includes some of the most prominent centralized cryptocurrency exchanges [CEX] as well as the decentralized ones [DEX]. Thailand-based platform, Bitkub recorded the most decline of 59%, followed by Seychelles-based, OKEx with 57%, California-based Binance US with 56%, and Kraken at 51%.
Following the development, Binance CZ tweeted,
“June is a down month, nothing new there. What stood out is that PancakeSwap, a DeFi on BSC, is ranked 4th of all exchanges. Bigger than many CEX. Amazing”
DEXs outpace CEXs as DeFi continued to scale
Cayman Islands-based, Binance’s remained at the top of the game with 150 million visits in June, a decline of 40% since the previous month. Nasdaq-listed Coinbase followed suit with 71 million visits. Binance Smart Chain-based DEX PancakeSwap amassed a weekly monthly visit of 18 million. Uniswap, on the other hand, slipped to the 10th position with 9 million, down by 44% since May.
In addition, popular derivatives exchange FTX fell to 25% this June to 8.4 million.
On the contrary, the web traffic for cryptocurrency exchanges had hit an all-time high in May this year. As the cumulative figures surged to 638.2 million visits owing to the market’s unpreceded rally.
Binance’s Regulatory Snub
Binance, for one, has come under a raft of criticism and clampdowns from regulators across the world. The cryptocurrency exchange ash witnessed not just the wrath of the UK’s Financial Conduct Authority [FCA] but also from countries across the world such as Canada, Japan, among others. CZ had recently penned down a letter regarding the same,
“I believe a well-developed legal and regulatory framework in the long term will be a solid foundation that truly makes crypto essential in everyone’s daily life.”