Binance Market Share and Trading Volume Drops Drastically

Binance Market Share and Trading Volume Drops Drastically

By Miles

27 Sep 2023 (about 1 year ago)

1 min read

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Binance's market share drops amid legal issues. Will it recover? Competitors rise as trading volumes fall.

Binance, a top crypto exchange, is losing its market share to competitors. It had 75% market share last year but fell to 54% in August 2022. It's expected to drop below 51% soon. Binance faces tough times with rules and laws, affecting its market presence.

The company, led by Changpeng Zhao, has had a rough time with legal issues, especially in the U.S., leading to a drop in its market popularity. It also faces legal challenges in other countries and has left some markets altogether. These problems have made both regular and big investors wary, benefiting its less-known competitors.

Trading volumes are down for all exchanges, not just Binance. For Binance to bounce back, it needs to clear the regulatory hurdles in the countries it operates in. Investors are now looking at exchanges that follow the rules or considering decentralized trading platforms.

While it's not clear why Binance's market share is dropping, competitors likeHuobi and Upbit are benefiting. Upbit now handles 14.5% of trade volumes. Binance's ability to adapt to legal requirements will be crucial for its future growth and market dominance.

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