Changes to CryptoCompare’s Constituent CCCAGG Exchanges

CryptoCompare’s Exchange Ecosystem During September, Bubbles Sized by 24 Hour Volume.

During September, there were a pool of 139 active cryptocurrency exchanges that had been reviewed for inclusion in October. Following the review process, an additional 10 new exchanges will now be incorporated in CCCAGG pricing aggregations. In addition, due to higher than usual price volatility for its top trading pairs, Bitexbook has now been removed from CCCAGG calculations.

Key Market Insights in September

Market Volumes

Average Daily Volume for the Top 10 Exchanges in September vs August

Top exchanges by 24h trading volume for September were Binance ($1.06bn), OKEX ($544m), and Bitfinex ($455m). Binance also had the highest number of liquid pairs (those with over $10k a day in trading volume) at 348, followed by OKEX with 333 and HuobiPro with 281. The overall market saw a 1.1% decrease in trading volumes since August, from an average of $5.77bn per day to an average of $5.71bn per day in September.

Country Analysis

By legal jurisdiction, exchanges based in Malta (Binance, OKEX, 2 others) generated the highest 24h trading volume at $1.62bn. These were followed by exchanges in Hong Kong (LBank, HitBTC, 7 others — $841m) and exchanges in the British Virgin Islands (Bitfinex, Ethfinex — $455m).

Pair Offerings

Most exchanges (66) offer both crypto-crypto and fiat-crypto pairs (dual exchanges), 51 offer only crypto-crypto, and finally 19 exchanges offer only fiat-to-crypto. Of these three, those that generated the highest total average volume were crypto-to-crypto exchanges ($3.67bn), followed by dual exchanges ($1.8bn) and finally, fiat-to-crypto exchanges at $242m.

Fiat-to-Crypto Trading Volumes

Fiat-to-Crypto Average Trading Proportions by Type of Fiat

Fiat-to-crypto trading volume in September was made up of four main currencies: USD, JPY, KRW and the EUR. The U.S. Dollar (USD) traded $812m per day into crypto in September — 54% of all crypto-to-fiat trading, followed by the Japanese Yen (JPY) at $260m per day (17.3%). The Korean Won (KRW) traded $258m per day (17.1%), and the Euro (EUR) traded $120m per day (7.97%).

KYC Requirements

KYC Requirements Based on a Pool of 115 Exchanges. *Dependent on amount traded or if a fiat withdrawal is desired.

Our recent exchange review research found that out of a pool of 115 exchanges, 35% implement strict KYC policies, 29% implement flexible or partially strict KYC policies (dependent on amount traded or if a fiat withdrawal is desired), and 36% do not require KYC.

Top Exchange News in September

The exchange review also aims to capture any news highlights relevant to exchanges over the last month. During September, Japanese exchange Zaif was hacked for 6.7 billion yen (60m USD) and later ordered by the FSA to adhere to a business improvement order. The NY Attorney General warned that three exchanges (Binance, Gate.io, Kraken) may be breaking the law following a comprehensive study of exchanges. Binance revealed a plan to launch crypto exchanges on almost every continent while Huobi Group plans to expand trading services to Japan via their BitTrade purchase. Finally, Quoine unveiled their new exchange called Liquid.