CME Group, a regulated bitcoin futures trading platform, has quietly become the second-largest player, surpassing Binance and BitMEX.
Yesterday, CME recorded an open interest of $790 million as compared to $718 million by Binance and $601 million by BitMEX, according to The Block Research. Open interest in the value of outstanding derivative contracts that are yet to be settled.
The shift in trend suggests that more traders, especially institutional, are flocking to CME rather than its unregulated counterparts, such as BitMEX and Binance. BitMEX is currently fighting a legal battle with the U.S. government, which has accused the exchange of violating know-your-customer and anti-money laundering rules.
OKEx, on the other hand, remains the top bitcoin futures trading platform in terms of open interest, despite its withdrawal issues. Last week, the exchange halted withdrawals indefinitely as one of its private key holders is being investigated by Chinese police. Yet, OKEx recorded the highest $992 million worth of open interest yesterday, per The Block Research.