Hong Kong-based cryptocurrency exchange Binance has temporarily moved to the top of the rating of crypto-exchanges with the largest volume of daily trades.

According to CoinMarketCap, for the 24-hours from 16 to 17 December, trading on Binance reached $2.86 billion. Previous leaders of the rating, US-based Bittrex, and Hong Kong-based Bitfinex — were moved to the second and third place with $2.82 billion and $2.54 billion respectively.


But by 18 December Binance could not keep the leader's position in the rating, sliding down to the fifth place with daily trading volume falling to $2.2 billion.

As of 18 December, the leader of the rating is the South Korean Bithumb with the daily trading volume of $2.7 billion. The second, third and fourth places are occupied by Bitfinex, Bittrex and one more Hong Kong cryptocurrency exchange BitMEX.

Binance Exchange is a newcomer to the crypto-exchange market. It was established in the spring of 2017. Unlike other popular crypto-exchanges, Binance does not have trades in pairs to fiat currencies or their digital counterpart, Tether. At Binance, trades are executed in pairs to bitcoin, Ethereum, or the internal token of the Binance (BNB).

Meanwhile, the Tether capitalization has exceeded $1 billion, continuing to cause controversy about Tether's possible lack of fiat reserves to back such a huge amount of USDT tokens.