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Spot trading volume on the Binance exchange hit its highest level since May 2021 afte seven consecutive months of ascent, according to a new report from CCData.

According to an April 5 report by cryptocurrency analytics platform CCData, Binances spot trading volume increased by 121% to $1.12 trillion in March

The report said the combined market share of the exchange also increased by 1.04% to 44.1% in March.

CCData highlights Binances recovery after settling its case with the United States Department of Justice and paying a $4.3 billion settlement fine. This is evidenced in its derivatives trading volumes, which have risen by 89.7% to $2.91 trillion, also achieving their highest levels since May 2021.

CCData analysts also noted that Binance made the largest gain in spot markets, increasing its market dominance by 2.3% compared with February. The exchange also saw the biggest gains year-to-date, now accounting for 38.0% of the spot trading volumes on centralized exchanges (CEXs).

In January, analytics firm Kaiko reported that Binance experienced an increase in trading volume, with its market share climbing 50% within just two months of its settlement with the United States Department of .

In spite of the regulatory challenges, the exchange claimed to have seen amore than 40 million increase in the number of users in 2023. Binance highlighted that this was nearly a 30% increase compared to the previous year and attributed the growth to its key services.

Related: Binance exec's legal case in Nigeria adjourned until April 19

Meanwhile, the combined spot and derivatives trading volume on CEXs also rose 92.9% to a new all-time high of $9.12 trillion in March, as traders flocked to the markets while Bitcoin also reached new all-time highs, CCData reported.

Trading volume in crypto derivatives CEXs also rose 86.5% to a record high of $6.18 trillion, which is triple the total market capitalization of all cryptocurrencies.

The spike in spot trading and derivatives trading activity also coincides with the growing excitement around the success of spot Bitcoin ETFs and the BTC supply halving, which is expected later in April.

This development highlights how much the public still trusts centralized exchanges despite recent failures such as FTX.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Binance trading volumes hit yearly high at $1.12T in March - Cointelegraph