Binance Market Share Drops On Regulatory Pressure
In 2023, Binance, the leading cryptocurrency exchange, experienced a mixed year with significant recovery for many cryptocurrencies and renewed hope for the SEC’s approval of a spot Bitcoin ETF.
Major shocks included the arrest of Do Kwon in Montenegro and regulatory actions targeting the crypto industry, including Binance itself.
Binance’s dominance was challenged multiple times, with two sharp declines following the SEC’s lawsuit and CEO Changpeng Zhao’s resignation.
The first hit to its market share fluctuated between 52% and 60%, with the lowest point occurring on November 24, shortly after Zhao announced his resignation.
With inputs from Shikha Singh
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