Binance exchange's spot trading volume reached its highest level since May 2021, marking seven consecutive months of growth, as per a recent report from CCData.

The April 5 report by cryptocurrency analytics platform CCData indicated that Binance's spot trading volume surged by 121% to $1.12 trillion in March. The exchange's combined market share also saw a rise of 1.04% to 44.1% in March.

CCData pointed out Binance's recovery post-settlement with the United States Department of Justice and the payment of a $4.3 billion settlement fine. This recovery is evident in its derivatives trading volumes, which increased by 89.7% to $2.91 trillion, marking their highest levels since May 2021.

Analysts at CCData highlighted Binance's significant gains in spot markets, with its market dominance increasing by 2.3% compared to February. Year-to-date, Binance now accounts for 38.0% of the spot trading volumes on centralized exchanges (CEXs).

Despite regulatory hurdles, Binance reported a substantial increase of over 40 million users in 2023, nearly a 30% rise compared to the previous year, attributing this growth to its core services.

Furthermore, the combined spot and derivatives trading volume on CEXs surged by 92.9% to a new all-time high of $9.12 trillion in March, fueled by traders' interest as Bitcoin reached new all-time highs.

Crypto derivatives trading on CEXs also skyrocketed by 86.5% to a record $6.18 trillion, triple the total market capitalization of all cryptocurrencies.

The surge in trading activity coincides with speculation around Bitcoin's price action nearing a new all-time high in March, along with growing anticipation for the success of spot Bitcoin ETFs and the upcoming BTC supply halving expected later in April.

This trend underscores the continued trust in centralized exchanges by the public, despite recent setbacks such as those experienced by FTX.