Binance Market Share Plummets Amid Legal Challenges
Binance, the world’s largest cryptocurrency exchange, has witnessed a significant 25% decline in its market share throughout the year, grappling with legal challenges in the US and regulatory scrutiny worldwide.
According to CCData, the exchange’s market share has dropped from approximately 55% in January to 30.1% in the current month.
Our Latest Exchange Review is live:
- In November:
- CEX spot & derivative volumes hit a high since Mar’23
- Binance’s market share dips despite higher volumes
- Spot & derivatives volume on @OKX & @Official_Upbit market rose 58.0% & 45.5% to $731bn & $431bn
Binance Faces Exodus Of Top Executives
Alongside legal challenges with the US Securities and Exchange Commission and the US Department of Justice, the exchange has experienced a departure of key executives.
Following the agreement to pay $4.3 billion to settle charges in the US, former CEO Changpeng Zhao stepped aside, and Richard Teng assumed the role of the new CEO.
On the AMA, Zhao mentioned his 3 commitments as #Binance CEO:
- Being user-focused, always
- Working with regulators to uphold standards
- Collaborating with partners to grow Web3
The new leader, Richard Teng, is actively working to rebuild the exchange’s tarnished reputation. He emphasizes Binance’s commitment to working with regulators globally to uphold high standards, foster innovation, and provide consumer protection.
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