Binance, a leading cryptocurrency exchange, has seen a significant decrease in its market share due to increased regulatory scrutiny and legal challenges. In June 2023, Binance’s spot trading market share reached its lowest point in almost a year, standing at 55.9%. The decline can be attributed to actions taken by regulatory bodies such as the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). These agencies have filed complaints and initiated legal proceedings against Binance and its founder, CZ. This has particularly affected Binance’s operations in the United States, leading to a loss of market share.
Regulatory concerns are not exclusive to the United States, as France and Belgium have also launched investigations into Binance’s activities. France is actively examining the exchange, while Belgium has demanded that Binance cease operations in the region. These regulatory actions, along with Binance’s decision to end its zero-fee campaign in March, have further contributed to its declining market share. However, despite this decline, Binance remains one of the largest cryptocurrency exchanges globally, holding approximately $59.2 billion in reserves.
Coinbase, its major competitor, has also experienced a decrease in market share, dropping from 7.6% in January to 6.8% in June, following regulatory actions by the SEC
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