Owing to the lack of regulation and restriction in the United Kingdom, fraudulent companies have been flocking to the country.
Bitinka, a Latin American cryptocurrency exchange, has landed the number one spot of cryptocurrency exchanges by trading volume after surging by 8118.37% in day-on-day trading.
The exchange has overtaken long-time leader Binance, which has seen $739,125,109 USD in the past 24 hours of trading, according to data taken from CoinMarketCap. Bitinka in comparison, is boasting a whopping volume of $6,777,474,337 USD over the past 24 hours.
Earlier this month, Bitinka announced an integration of its platform with cryptocurrency projects DAI and Maker, which explains the mammoth surge of trading on its platform.
— BitInka (@BitInka) January 3, 2019
Data from CoinMarketCap shows that some $5,456,459,782 USD has been traded as a Maker/USD trading pair, $1,227,943,112 USD as a Maker/EUR pair and $12,746,159 USD trailing behind as a Bitcoin USD pair.
Movement in an exchange such as this is unprecedented and it will interesting to see how the exchange holds up as the leading cryptocurrency exchange. Bitinka, which acts as an exchange as well as a broker service, deals with cryptocurrencies such as Bitcoin, Ethereum, Ripple, and Dash.
At the time of writing, Maker holds the position as the 19th cryptocurrency and is trading at $511.233 USD.