Overview of Trading Volumes on Major Global Trading Platforms
Cryptocurrency trading platforms are typically evaluated based on comprehensive metrics such as trading volume, liquidity, asset size, and user activity, rather than the traditional "market capitalization" ranking. The following information is based on public data from April 2025, showcasing an overview of some major platforms (rankings are not in order, and data is subject to change over time, for reference only).
- Binance: As one of the platforms with the largest global user base, data showed its asset size at the time was approximately $12.85 billion, with a 24-hour trading volume of about $19.025 billion.
- OKX: Demonstrated strong performance in the Asian market, with data showing its asset size at the time was approximately $17.1 billion, and a 24-hour trading volume of about $16.050 billion.
- HTX: Data showed its asset size at the time was approximately $4.520 billion, with a 24-hour trading volume of about $31.075 billion.
- Bitget: Known for its "one-click copy trading" feature, data showed its asset size at the time was approximately $60 million, with a 24-hour trading volume of about $12.080 billion.
- Bybit: Has high recognition in the derivatives trading sector, with data showing its asset size at the time was approximately $210 million, with a 24-hour trading volume of about $1.590 billion.
Other widely used global platforms include Coinbase, Kraken, Gate.io, and Crypto.com, among others.
Review of China's Virtual Currency Regulatory Policies
Mainland China has adopted a strict regulatory stance on virtual currency trading and related business activities. The main timeline is as follows:
- End of 2021: Chinese regulatory authorities issued a notice clarifying that virtual currency-related business activities are illegal financial activities. Subsequently, several major trading platforms, including Binance, HTX, and OKX, announced the delisting of mainland Chinese users and ceased providing services to the region.
- February 2026: The People's Bank of China and seven other departments jointly issued the "Notice on Further Preventing and Disposing of Risks Related to Virtual Currencies and Other Matters" (known in the industry as the "2.6 New Regulations" or "Document No. 42"), reiterating and strengthening regulatory policies. The notice explicitly states that virtual currencies do not have legal tender status, and their related business activities within China are illegal financial activities, which are strictly prohibited and resolutely banned in accordance with the law. At the same time, the notice for the first time included "Real World Asset" (RWA) tokenization activities within the regulatory framework.
- Key Policy Points: According to "Document No. 42," financial institutions and non-bank payment institutions are prohibited from providing account opening, fund transfer, and other services for virtual currency-related businesses; internet companies are prohibited from providing online operating venues or marketing promotions; and overseas entities and individuals are prohibited from illegally providing virtual currency-related services to domestic entities.
Therefore, since the end of 2021, compliant virtual currency trading software for mainland Chinese users has essentially ceased to exist. Any such services operating within China or targeting domestic users do not comply with mainland China's regulatory regulations.
Platform Selection from an International User Perspective
For users in other regions of the world, several factors should be prioritized when choosing a trading platform:
- Compliance and Licensing: Prioritize platforms that hold legal operating licenses in the user's jurisdiction, such as an MSB or state money transmitter license in the United States, or compliance with MiCA regulations in the EU.
- Security Record: Examine the platform's historical security incidents, fund custody methods (whether on-chain proof of reserves is used), and insurance measures.
- Products and Liquidity: Choose platforms that offer corresponding products and sufficient liquidity based on your trading needs (spot, futures, derivatives, staking, etc.).
- User Experience and Fees: Compare the platform's interface friendliness, customer support response speed, and trading fee structure.
Users must first confirm whether the laws and regulations of their location permit the use of cryptocurrency trading services and only use platforms that have obtained local regulatory approval.
