- Binance, the world’s largest cryptocurrency exchange, is facing a decline in market dominance with departing executives.
- Top-level executives at Binance resigned this week due to CEO Changpeng Zhao’s approach to regulatory investigations surrounding the company.
- The company’s market share was slightly above 72% in January 2023. Today, this figure has dropped to 58.82%.
The dominance of Binance in the crypto market is declining amid increased regulatory pressure and the news of top-level officials resigning, shaking the exchange.
Decline in Binance’s Market Share
According to current data, Binance, the world’s largest cryptocurrency exchange, is facing a decline in market share along with departing executives.
Top-level executives at Binance resigned this week due to CEO Changpeng Zhao’s approach to regulatory investigations surrounding the company. Informed sources reported that senior officials such as the company’s general counsel, Han Ng, Chief Strategy Officer, Patrick Hillmann, and Deputy Compliance Chief, Steven Christie, have left the company.
These resignations coincide with a decline in Binance’s market share among global exchanges. The company’s market share was slightly above 72% in January 2023. Today, this figure has dropped to 58.82%.
These figures represent the market share of spot trading volumes for crypto exchanges without USD support or those with insignificant volumes that contribute to USD pairs.
Market Share of Other Exchanges is Rapidly Increasing
Upbit, the South Korean exchange with the second-highest market share after Binance, had a market share of 11.27% in January 2023. Today, Upbit’s market share has increased to 15.85%. Bybit, which had a market share of 1.76% at the beginning of the year, has managed to increase it to 6.79%.
In USD-supported cryptocurrency exchanges, Coinbase maintains its dominance, although its market share has experienced a slight decline from 47.49% at the beginning of the year to 43.94% in July. This figure had dropped to 35% in March.
Kraken, the second-largest market share in USD-supported exchanges, has increased its dominance from 14.78% at the beginning of the year to 22.19% in July.
