According to a study conducted by analysts from the company Kaiko in collaboration with the Bitvavo exchange, only five cryptocurrency exchanges account for 98% of all trading volume conducted in euros.

There are more than 15 major cryptocurrency exchanges supporting euros on the planet, but only a few of them can boast significant trading volumes in this currency. Among them, Bitstamp, Bitvavo, Coinbase, Kraken, and the giant of the cryptocurrency exchange market - Binance stand out. In 2023, the combined trading volume on the Kraken exchange reached 25 billion euros, followed by Binance, which once dominated the market. According to Kaiko Research data, due to legal difficulties, the share of Binance in the spot market among centralized cryptocurrency exchanges decreased by 18%.

Traders who prefer to use euros were most actively trading Bitcoin in 2023, which saw a significant increase in its price towards the end of the year. According to Kaiko analysts, the trading volume of Bitcoin in Europe exceeded 37 billion euros, surpassing ETH (15 billion euros) and XRP (9.5 billion euros).

Analysts from the Kaiko company have identified a connection between the trading volume in euros and the number of available trading pairs. This is especially noticeable on the Kraken and Bitvavo exchanges, where there are more than 200 trading pairs with European currency, strengthening their positions in the European market. Meanwhile, international exchanges like Bitflyer and Bybit are more focused on the Asia-Pacific region.

Currently, there is a growth in the number of cryptocurrency exchanges in Europe choosing this region to register their headquarters. This trend will continue in 2024, following the introduction of clear legal regulations for cryptocurrencies in the European Union (MiCA).

Last week, representatives of the European Union announced their intention to tighten customer verification rules for crypto services to combat money laundering. Companies in the cryptocurrency sector will not only have to conduct more thorough customer checks but also mandatory reporting of any suspicious activity.