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Binance, Gemini, Kraken So Far the Winners From BitMEX's Legal Woes
Binance, Gemini, and Kraken have become the biggest winners since US regulators' charges against BitMEX on Thursday.
By Muyao Shen
Updated Sep 14, 2021, 10:04 a.m. Published Oct 2, 2020, 8:15 p.m.
U.S. regulatory authorities on Thursday brought a series of civil and criminal charges against BitMEX. Since then more than 41,000 bitcoin were withdrawn from the Seychelles-based crypto exchange. Where did it go, triggering a brief market sell-off? Data shows much of it went to competitors Binance, Gemini and Kraken.
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- As of Oct. 2 01:00 UTC, 11,257 BTC moved from BitMEX to these exchanges: 4,786 BTC to Binance, 3,899 to Gemini and 989 to Kraken, according to data provided by CryptoQuant.
- BitMEX’s bitcoin outflow to these exchanges could show traders are putting a higher priority on better compliance with regulations or better-leveraged bitcoin trading products.
- Gemini, the U.S.-based and Winklevoss brothers-owned exchange is known for strict “know-your-customer (KYC)” procedures.
- Binance, the leading crypto exchange by spot trading volume, has surpassed BitMEX, becoming the No.1 crypto exchange in 24-hour bitcoin futures trading volume.
- San Francisco-based crypto exchange Kraken is the first cryptocurrency firm in the U.S. to become a bank, after its application for a special purpose depository institution (SPDI) charter was approved by regulators on the Wyoming Banking Board.
- Failure to implement proper KYC rules is among the charges against BitMEX by the U.S. Commodity Futures Trading Commission (CFTC).
- Once the leading crypto derivatives exchange, BitMEX’s market share has waned, with many other venues offering a variety of bitcoin derivatives trading instruments.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Asia Morning Briefing: Data shows legacy media took a more balanced view of bitcoin in 2025
Media attention shifted from bitcoin’s environmental footprint to crime and kidnapping in 2025, while overall sentiment remained broadly neutral, according to crypto intelligence platform Perception.
What to know:
- In 2025, mainstream media coverage of Bitcoin became more balanced, with neutral reporting surpassing negative stories.
- The shift in narrative was driven by the exhaustion of earlier critiques rather than increased enthusiasm for Bitcoin.
- AI emerged as the dominant topic in media, overshadowing Bitcoin and driving more significant sentiment swings.
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