{"id":66020,"date":"2023-09-27T11:03:44","date_gmt":"2023-09-27T15:03:44","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/binance-market-share-continues-to-fall-as-crypto-giant-loses-ground-to-rivals\/"},"modified":"2023-09-27T11:03:47","modified_gmt":"2023-09-27T15:03:47","slug":"binance-market-share-continues-to-fall-as-crypto-giant-loses-ground-to-rivals","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=66020","title":{"rendered":"Binance Market Share Continues to Fall As Crypto Giant Loses Ground to Rivals"},"content":{"rendered":"
\n

Binance, the world’s largest cryptocurrency exchange, has seen a sharp drop in market share among non-dollar crypto exchanges.<\/p>\n

According to\u00a0data by The Block, Binance’s market share among a group of exchanges that includes major Asian players like Upbit, Huobi,\u00a0Bybit, and OKX hit 54% in August and is projected to further drop to under 51% in September.<\/p>\n

This comes as the exchange had a 75% market share among these exchanges at the end of 2022.\u00a0<\/p>\n

Back in June, the Financial Times reported that Binance’s\u00a0market share had shrunk\u00a0by 25% during the period between February to June.\u00a0<\/p>\n

The report claimed that the world’s largest cryptocurrency exchange accounted for 57.5% of the average monthly volume of all crypto trades in February, but its market share dropped to 43% by the end of May.\u00a0<\/p>\n

Meanwhile, Binance co-founder Yi He has addressed the exchange’s shrinking market share in a recent letter to company employees.<\/p>\n

She said that employees should be focused on creating excellent products and providing an excellent user experience for all customers regardless of regulatory pressure or competitors’ growth.<\/p>\n

Yi He compared the ongoing situation with the crypto recession of 2019.\u00a0<\/p>\n

She recalled that back then, Binance was not delivering much of its current products, including a fiat gateway, Binance P2P, Binance Futures, and more.\u00a0<\/p>\n

But even then, Binance managed to become a leader and “turn the tables” in the segment.<\/p>\n

“This is not the first time, nor it will be the last showdown (…) Every battle is a do-or-die situation, and the only thing that can defeat us is ourselves.”<\/p>\n

<\/oembed><\/figure>\n

Binance Grapples With Increasing Regulatory Scrutiny<\/h2>\n

Binance has been under heightened regulatory scrutiny globally since the market turbulence of the previous year.<\/p>\n

In June, the\u00a0SEC sued Binance and its CEO\u00a0for their \u201cblatant disregard of the federal securities laws,\u201d unveiling 13 charges against the platform, including operating an unregistered exchange.<\/p>\n

The agency accused Binance of breaking the law by offering unregistered securities to the general public, including its BNB token and BUSD stablecoin.<\/p>\n

Likewise, French authorities conducted a visit to Binance’s office in France last month. They are investigating allegations of illegal provision of digital asset services and aggravated money laundering.<\/p>\n

The\u00a0exchange was also ordered to cease\u00a0operations in Nigeria by the country’s Securities and Exchange Commission (SEC).<\/p>\n

Binance has also faced regulatory challenges in multiple European countries, such as Belgium and Austria, as it prepares to comply with the EU’s forthcoming Markets in Crypto Assets (MiCA) regulations.<\/p>\n

More recently, some of the exchange’s customers in the EU\u00a0were blocked\u00a0from withdrawing euros as part of an early change in the crypto exchange\u2019s regional payments provider looms.<\/p>\n

\u00a0<\/p>\n<\/p><\/div>\n