Binance Loses 5% Market Share Amid Regulatory Pressures in 2023

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Market Share Loss of Binance: What Happened in 2023?

In 2023, Binance, the world’s largest and most popular cryptocurrency trading platform, lost 5% of its market share. Despite this decline, Binance remains the leading decentralized exchange (DEX) on the spot and derivative markets.

Binance Loses 5% Market Share in 2023

Binance started the year 2023 with a market share of 54.2%. By December 31, this share dropped to 48.7%, meaning a loss of 5%. This decline suggests that Binance no longer controls the majority of the market.

In the first half of 2023, Binance’s market share fluctuated between 60% and 52%. Critical events such as the end of their fee-free trading program and regulatory measures, however, led to a significant decrease in their market dominance. Within three months after the regulatory measures, Binance’s market share fell below 50%.

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Regulatory Pressure and CEO Change

Binance faced ongoing regulatory pressure, particularly in the US, with allegations of rule violations in both their spot and derivative trading businesses. Another significant event was the resignation of their charismatic CEO Changpeng Zhao (CZ) at the end of last year. After this event, the exchange’s market share plunged by 32%. Despite these losses, Binance retained its dominance on both the spot and derivative markets, with market shares of 55% and 53.7%, respectively.

Winners of 2023

Notably, OKX and Bybit took the second and third position in the overall exchange market share in 2023, with shares of 16.1% and 12.3% respectively. Both centralized exchanges (CEXes) also recorded the largest gains, with their market shares increasing by 4.3% and 2.2% respectively.

Source: TokenInsight

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