Binance Australia sees an increase in digital currency trading volume just as the rate of cryptocurrency awareness and adoption is rapidly growing in the country. On Wednesday, the CEO of the exchange, Jeff Yew, tweeted that Binance AU dominates other leading Australian exchanges in the 24 hours trading volume for Bitcoin (BTC) and Ether (ETH).
For some people, the development today might come as no surprise, as Binance Australia has been recording massive growth in new users lately.
Binance Records More Trading Volume for BTC and ETH
Yew tweeted the data from CryptoCompare, showing Binance Australia’s BTC/AUD 24 hours trading volume at AU$51.879 million. At the same time, BTC Market saw around AU$50.792 million, followed by Independent Reserve with AU$36.650 million. On the ETH/AUD market, Binance Australia also dominated the 24 hours volume with a total amount of AU$20.532 million.
BTC Market recorded AU$15.124 million, while Independent Reserve had AU$12.868 million.
The trading volume on Binance Australia is likely to rise continuously, given the adoption and number of users trading on the platform have been increasing massively, as confirmed by the CEO. Earlier this year, Crypto News Australia reported that the exchange witnessed a more than 400 percent increase in the number of SMSF and corporate users within the last quarter of 2020.
During the rush in the crypto market in January 2021, Binance AU recorded as much as AU$130 million in 24hr volume across all the AUD pairs listed on its platform.
Crypto Adoption is Rising in Australia
It’s also worth noting that Binance is not the only exchange in Australia, seeing massive growth in its user base. In January also, the Swyftx exchange reported unprecedented growth in the number of users on its platform. The increasing user base of Aussie exchanges is indicative of the growing interest in cryptocurrencies amongst Australians.
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