- Crypto exchange Binance’s market share among non-USD platforms declined to nearly 50%.
- Binance had 75% of the market share at the start of the year, which dropped steadily in recent months.
- The declines come amid the company’s regulatory woes, massive layoffs, and increasing FUD.
More troubles loom for cryptocurrency exchange Binance following a recent report that its market share among platforms that do not support US dollar trading has taken a significant hit. The report detailed that the decline started at the start of the year.
In particular, the report revealed that Binance’s market share among these platforms, including Huobi, ByBit, Upbit, and OKX, stood at 75% at the end of last year. However, in what has been a tough year for the company, its tight grip on the market weakened.
As a result, the crypto exchange’s market share declined to around 54% last month. According to the report, this figure could drop to 51% before the end of the month. This would mean Binance losing nearly 25% of the total market share this year.
The report reflects the tumultuous year 2023 has been so far for the Binance. Since the start of the year, the company has come under increased regulatory scrutiny and investigative actions, especially in the U.S.
While facing actions against two U.S. regulators, the company’s workforce has been severely depleted, with major executives exiting in droves. As a result, the company is the subject of growing and widespread FUD.
Despite these hurdles, the company, led by Changpeng Zhao, has asked its users to dismiss the FUD claims. The crypto exchange also accused regulators, particularly the U.S. Securities and Exchange Commission, of aimlessly going after it.
Meanwhile, the wider crypto market continues to linger in one of the longest crypto bear markets on record. The report shows that trading volumes across exchanges have declined. Notably, the report mentioned that spot volumes dropped to $423 billion in August, the lowest since 2020.
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