Binance Market Share Plummets As Regulatory Crackdown, Lawsuits Slash Business
Binance is hemorrhaging market share as lawsuits and regulatory crackdowns undermine its ability to retain and attract business, according to research by The Block. The world’s largest cryptocurrency exchange’s market share among exchanges that do not support USD has decreased from 74% in December 2022 to 50% this month, according to data compiled by The Block. Binance's marketshare continues to decline amid rally https://t.co/RpWMXBjn00 — The Block (@TheBlock__) October 28, 2023 Binance’s market share has fallen even after the crypto market experienced one of the most bullish fortnights since March 2022. The “pullback among traders from Binance was particularly evident on October 23,” The Block said, when Bitcoin soared 14% to trade above $34,000 while the exchange’s market share “virtually dropped to zero.” Source : The Block Data In contrast, other exchanges have seen their market shares increasing. Upbit’s ma...