Fighting legal processes, Binance’s 22% spot trading share loss is pouring into other crypto exchanges.
With the period when FTX went bankrupt, a new process began for cryptocurrency exchanges. Stock markets, which want to prove their existence with the Merkle Tree method, entered into different struggles with the grip of US regulators.
The recent experience of crypto exchanges has led to serious changes in market dominance. Binance has reduced its market share from 73 percent to 51 percent in spot trading. This melted share flowed to many crypto exchanges, especially OKX and Huobi.
Binance Loses Its Market Share To Other Exchanges
Binance, which is on the radar of the CFTC and at the center of many FUDs, is bleeding out in the spot trading market share. The cessation of the zero fee promotion was also effective in this decline of Binance.
According to an analysis by Kaiko, Binance’s spot trading share has suffered a drastic 22 percent loss. The stock market, which had a serious dominance in spot trade with a level of 73 percent, declined to 51 percent.
This fall of Binance has benefited other crypto exchanges. OKX has increased its spot trading market share from 5 percent to 9 percent. In addition, Huobi attracted attention by increasing its market share from 2 percent to 10 percent. In addition, Kaiko conveyed that the share of South Korean platforms increased to 14 percent.
Bloomberg, reporting Kaiko’s data, said that this data could pose problems to Binance CEO CZ. Bloomberg pointed out that Binance is facing US regulators.
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