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Home»ALTCOIN NEWS»Here’s how Binance compares to FTX in 2024:
ALTCOIN NEWS

Here’s how Binance compares to FTX in 2024:

By Crypto FlexsJanuary 11, 20243 Mins Read
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Here’s how Binance compares to FTX in 2024:
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  • New data shows that Binance is performing comparatively much better than FTX.
  • Trading volume increased last quarter as BNB price continued to fall.

Binance (BNB) has gone through one of the most tumultuous periods of 2023 due to factors including lawsuits and regulatory investigations.

However, despite the volatility, new data shows that Binance is performing relatively well.

Smooth sailing for Binance?

According to data from Capriole Funds derived from AMBCrypto, examining 7-day deposit withdrawals on Binance, we observe a more stable trend, with small declines indicative of routine customer deposits and withdrawals.

Unlike FTX, Binance did not present the same scale of difficulties in managing deposits as reflected in 30-day deposit withdrawals.

Source: Somersaults

Binance’s Volume-Reserve Ratio (VRR) score also showed a decrease in exchange risk. Binance’s ratios tend to stay within more manageable levels, suggesting that the relationship between volume and reserves is more balanced.

This contrasts with FTX, which saw a period of high risk leading to a collapse.

Additionally, open interest ratio (ORR) scores associated with derivatives exchanges provided insight into net open positions and obligations.

Binance’s performance on this metric was more stable compared to FTX. FTX experienced significant declines in the months before and after the collapse.

Source: Somersaults

Some issues with the App Store

However, despite these factors, some problems may arise in Binance’s future. At press time, Apple has removed Binance and other exchanges from its App Store.

Binance may lose a large number of users due to this move. This could eventually create more FUD for Binance in the future.

As uncertainty around centralized exchanges continues to rise, mass withdrawals may occur in the future that could impact exchanges, particularly Binance.

🚨Breaking News: Apple has removed it. #Binance , #KuCoinand other exchanges in Indian app stores. pic.twitter.com/Npkc027OX8

— AMBCrypto (@CryptoAmb) January 10, 2024

Trading volume on Binance increased in the last three months of 2023. At press time, Binance’s January trading volume reached $143.32 billion.

If the trend continues and Binance is able to ease the FUD, things could get better for the exchange.

Source: The Block


How much is 1,10,100 BNB worth today?


Binance’s developments could also have a positive impact on the overall sentiment surrounding the BNB token. At the time of press, BNB was trading at $299.04 and the price was down 1.81% in the last 24 hours.

Despite Binance’s progress and recovery, BNB has not seen the same positive response on the price front.

Source: Santiment

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