Binance is losing market share fast
![binance-is-losing-market-main](/sites/default/files/2023-09/%D0%9A%D0%B0%D1%80%D1%82%D0%B8%D0%BD%D0%BA%D0%B0%20%D0%B4%D0%BB%D1%8F%20%D0%90%D0%BD%D0%B0%D0%BB%D0%B8%D1%82%D0%B8%D0%BA%D0%B81.jpg)
Binance has had a rough go in 2023. A number of regulators around the world initiated investigations into it, with Australia even withdrawing its license. Because of financial management concerns, Paxos refused to continue minting BUSD, with the stablecoin slated to leave the market for good in February 2024.
American media predict that Binance will face severe charges from the US Department of Justice, citing the resignations of a dozen key managers this year. The list includes Chief Strategy Officer Patrick Hillmann, General Counsel Han Ng, APAC Head Leon Foong, and Global Head of Intelligence and Investigations Matthew Price.
The worsening situation in the global arena and investor fears have led to some clients subsequently running for the doors. Binance's share in the spot market decreased by 12% in 2023, showing the worst result among major players.
The trend intensified in August, with spot trading seeing a 2% cut and derivatives trading experiencing a 3.7% decline compared to July.
The BNB coin went underwater, trading this year at an 11% decrease.
Meanwhile, the crypto exchange remains a major market player. Its share now accounts for 38.5% of spot trading and 53.5% of derivatives trading.
The loss of Binance's positions happens in times of a decline in global trading. The monthly volume of spot trading decreased to $475 billion, which is the worst performance since March 2019. Even Grayscale's interim victory over the SEC failed to encourage participants, with the firm recording a 7.8% decline from July.
This year turned out to be worrisome for Binance. However, it continues to expand. In August, it became the first licensed cryptocurrency exchange in El Salvador. If the company manages to establish communication with other regulators and avoid new accusations, it has every chance of regaining its lost market share.
StormGain Analytical Group
(platform for trading, exchanging and storing cryptocurrency)
Tags
Exchange BTC
![Mining icon](/themes/custom/stormgain_blue/img/placeholder-1px.png?6-07-20)
Try our Bitcoin Cloud Miner and get additional crypto rewards based on your trading volume. It's immediately available upon registration.
![Mining icon](/themes/custom/stormgain_blue/img/placeholder-1px.png?6-07-20)
Try our Bitcoin Cloud Miner and get additional crypto rewards based on your trading volume. It's immediately available upon registration.