Binance’s Loss is Huobi, OKX Gain
Binance’s share of spot-trading volumes had dropped to 51% by May 6 from 73% on March 22, just before the popular promotion was largely scrapped. Huobi hit 10% from 2%, while OKX hit 9% from 5%. According to the Kaiko figures, South Korean platforms increased their share to nearly 14% from just under 8%.
The upheaval may present another challenge for Binance founder Changpeng Zhao. His company is facing increased regulatory scrutiny, particularly in the United States.
The US crackdown “has caused users to be concerned about the safety of their funds, which is why they are diversifying into other centralised exchanges,” according to Cici Lu, founder of Venn Link Partners, a blockchain adviser.
(With inputs from Shikha Singh)
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