According to the data released in the first quarter report of the year, Binance experienced a 16 percent decrease in its market share due to the bad news that followed one after another.
According to the data provided by Kaiko, the negative events experienced by Binance in the past quarter were also reflected in the data. The banking crisis, regulatory pressures and FUDs turning to Binance slashed the popular cryptocurrency exchange’s market share by 16 percent in the first quarter.
Still, Binance remains the world’s largest crypto exchange, with a stock market dominance of 54 percent, despite the drop in market share.
Binance Market Share Drops
The year 2023 is busy with regulatory pressures and FUDs turning to cryptocurrency exchanges. These news feeds and factors affected the volumes and market shares of exchanges. Binance stood out with a 16 percent market share loss.
In the report prepared by Kaiko, it was observed that Binance lost blood in the first quarter. Clients and assets floating from Binance are registered on Uniswap, the decentralized exchange.
One of the biggest reasons for Binance’s loss of market share is the termination of the zero commission trading implemented on the platform.
On the other hand, Upbit became one of the crypto exchanges that gained the most significant market share thanks to the volume on the XRP side. On the Coinbase side, there was an 11% market share loss in the last quarter.
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