CryptoCompare’s November 2020 Exchange Review has found that the average monthly spot trading volume on Top-Tier cryptocurrency exchanges, based on the Exchange Benchmark, increased by 114% compared to October, with Binance managing to capture 44% of the total spot trading volume for the month.

The French Ministry of Finance has unveiled stringent know-your-customer (KYC) requirements for cryptocurrency transactions.

Bitwise Asset Management, a leading provider of index and beta funds for the crypto market, announced that shares of the “Bitwise 10 Crypto Index Fund” will start public quotation on OTCQX today under the ticker symbol “BITW”.

Top stories in the Crypto Roundup today:

• Spot Trading on Top Tier Crypto Exchanges Up 114% in November
• France Imposes Stringent KYC Requirements for Crypto Transactions
• U.S. Investors Can Now Trade Bitwise’s Crypto Index Fund Via Brokerage Accounts
• NEXO, SAND, XLM Are Moving in the Crypto Market

Spot Trading on Top Tier Crypto Exchanges Up 114% in November

CryptoCompare’s November 2020 Exchange Review has found that the average monthly spot trading volume on Top-Tier cryptocurrency exchanges, based on the Exchange Benchmark, increased by 114% compared to October, with Binance managing to capture 44% of the total spot trading volume for the month.

Binance (Grade A) was the largest Top-Tier exchange by volume in November, trading $176.2bn (up 133%). This was followed by Huobi Global (Grade BB) trading $72.1bn (up 73%), and OKEx (Grade BB) trading $45.9bn (up 43%).

Top-Tier exchanges are defined by CryptoCompare’s Exchange Benchmark, which uses a ranking methodology that includes a combination of 68 qualitative and quantitative metrics to assign a grade to over 165 active spot exchanges.

Each metric is converted into a series of points based on clearly defined criteria. Metrics are categorized into several buckets and distributed fairly to arrive at a final robust score, ensuring that no one metric overly influences the overall exchange ranking.

France Imposes Stringent KYC Requirements for Crypto Transactions

The French Ministry of Finance has unveiled stringent know-your-customer (KYC) requirements for cryptocurrency transactions.

In a document released by Minister Bruno Le Maire, it’s detailed that virtual asset providers (VASPs) in the country will now have to prohibit anonymous cryptocurrency accounts, as part of a wider crackdown on anonymity in the space.

The new requirements also encompass crypto-to-crypto transactions. The move has reportedly been influenced by recommendations from the Financial Action Task Force, the G7, and the G29  and is said to be related to recent terrorist attacks in France.

French authorities have already arrested 30 people who allegedly used cryptoassets to fund Islamist extremism in Syria.

U.S. Investors Can Now Trade Bitwise’s Crypto Index Fund Via Brokerage Accounts

Bitwise Asset Management, a leading provider of index and beta funds for the crypto market, announced that shares of the “Bitwise 10 Crypto Index Fund” will start public quotation on OTCQX today under the ticker symbol “BITW”.

Retail investors can buy BITW shares via brokerages such as Pershing, Charles Schwab, E*TRADE, Fidelity, and TD Ameritrade, and accredited investors and entities can purchase BITW shares via private placement.

According to the Bitwise 10 Crypto Index Fund’s Fact Sheet, the fund (which was launched in 2017) “employs a research-driven investment approach that seeks to provide market-cap-weighted exposure to the 10 largest cryptoassets, accounting for approximately 80% of the cryptomarket.”

It is rebalanced monthly. The fund’s assets are “held in 100% cold storage with a regulated, insured custodian, and are audited annually.” The fund is debuting with approximately $120 million in assets under management.

NEXO, SAND, XLM Are Moving in the Crypto Market

Several tokens are leading the charge in the last 24-hour period. Some of these are well-known cryptocurrencies with rather liquid trading pairs, so we’ll be focusing on these over low-cap cryptos who may have higher percentage changes.

Nexo (NEXO) – The Nexo platform allows users to lend and request loans backed by cryptocurrency. NEXO is an ERC20 compliant token in the Ethereum network and its price is up 21.08% in the last 24 hours.

The Sandbox (SAND) – The Sandbox’s SAND token has moved up 24.94% in the last 24 hours. The Sandbox’s blockchain gaming platform has seen leading cryptocurrency exchange Binance acquire LAND tokens within it to host social gaming events, boosting its popularity.

Stellar (XLM) - Stellar is a decentralized platform that aims to connect banks, payments systems, and people. Integrate to move money quickly, reliably, and at almost no cost. Supported by a nonprofit, Stellar's goal is to bring the world together by increasing interoperability between diverse financial systems and currencies. XLM is up 18.35% in the last 24 hours.

State of the Crypto by Top Tier Exchange Volume

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