MEXC’s decision to stop serving users in Russia and Belarus has put fresh focus on how much major centralized exchanges rely on Russian traffic. On Oct. 21, BlockBeats reported that MX, the exchange’s platform token, briefly fell about 15% after MEXC officially announced the change a day earlier, sparking discussion across the community. TradingBeats data cited in the report shows Russia is currently the top traffic source for Bybit, HTX and MEXC, accounting for 23.94%, 13.76% and 10.53% of their traffic, respectively. The picture looks very different at Binance, where Russian traffic makes up just 1.54% and ranks as the exchange’s third-smallest source. U.S.-based compliant platforms Coinbase and Kraken show the lowest Russian traffic shares in the comparison, at 0.24% and 0.16%, respectively. The figures highlight a wide gap in Russian user concentration across leading exchanges.
MEXC’s move to stop providing services to users in Russia and Belarus has renewed attention on how important Russian users are to major centralized exchanges.
BlockBeats reported on Oct. 21 that MX, MEXC’s platform token, briefly fell about 15% after the exchange officially announced a day earlier that it would stop serving users in the two markets. The development triggered broad discussion in the crypto community.
Russia ranks as the top traffic source for several exchanges
According to TradingBeats data cited by BlockBeats, Russia is currently the largest traffic source for Bybit, HTX and MEXC, with shares of 23.94%, 13.76% and 10.53%, respectively.
At Binance, the largest exchange by scale in the comparison, traffic from Russia accounts for only 1.54%, ranking as the platform’s third-smallest traffic source.
U.S.-based compliant exchanges Coinbase and Kraken have the smallest shares of Russian traffic among the platforms mentioned, at 0.24% and 0.16%, respectively.
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