Binance, the cryptocurrency exchange platform, is currently facing increased regulatory scrutiny, resulting in a decline in its market share. Research firm Kaiko has reported that Binance’s spot trading market share has dropped to a one-year low of 56%, compared to 53.7% in August. The recent lawsuit filed by the US Securities and Exchange Commission (SEC) against Binance and its founder has significantly impacted the exchange. Binance’s daily market share has also seen a sharp decline, reaching as low as 47% following a separate lawsuit by the US Commodity Futures Trading Commission (CFTC). The entry of well-established traditional finance players into the crypto market has intensified the pressure on exchanges like Binance. Coinbase, another US-based exchange facing legal action from the SEC, has also witnessed a decline in its market share. Binance’s market share has been further impacted by the discontinuation of a popular zero-fee promotion and the discontinuation of certain euro pairs. However, Binance remains committed to maintaining strong financial performance and investing in compliance processes. The decline in market share is not unique to Binance, as global trading volume has contracted across various exchanges due to regulatory challenges.
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