Binance’s Crypto Trading Market Share Drops
Binance, the world’s largest cryptocurrency exchange by market volume, has seen its spot market share rapidly drop over the year as the business faced a slew of regulatory allegations that eventually led to the arrest of its founder and CEO, Changpeng Zhao.
According to CCData, Binance’s market share so far in December is only 30.1%, compared to 55% at the start of the year. Monthly spot volumes on the market fell by more than 70% between January and September, from $474 billion to $114 billion. CCData does highlight that Binance has seen an increase in monthly trade volumes since September, despite its market share continuing to decline.
Binance, the largest cryptocurrency exchange, has seen a significant decline in its spot trading market share over the year, with the latter’s market share growing to 8% in December from 4% at the start of the year.
(With inputs from Shikha Singh)
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