Binance, the world's largest cryptocurrency exchange by market capitalization, has seen its spot market share gradually decline over the past year as the company faces a series of accusations from regulators, culminating in the accusation of its founder and CEO Changpeng Zhao "CZ".
According to data provided by ccdata,As of December, Binance's market share was just 301%, compared to 55% at the beginning of the year. From January to September, the exchange's monthly spot trading volume fell by more than 70%, from $474 billion to $114 billion. CCData did point out that Binance's monthly trading volume has started to increase since September, despite its continued decline in market share.
Changes in Binance's market share.
In November, the company and Changpeng Zhao agreed to pay nearly $3 billion to settle a U.S. commodity exchange commission lawsuit. At the same time, settlements were reached with the U.S. Department of Justice and the U.S. Department of Treasury, respectively.
In addition to CEO departures, the company has also seen a slew of executive departures this year, including chief strategy officer Patrick Hillmann, senior investigations director Matthew Price and UK CEO Jonathan Farnell.
Although Binance's spot trading market share has declined over the past year, it still significantly leads the largest crypto exchanges. Seychelles-based OKX ranked second, behind Binance (30%), according to CCDatdata, with the company's market share growing from around 4% at the start of the year to 8% in December.
Combining spot and derivatives trading, Binance's market share dropped from 60% to 42%, while OKX's market share grew from 9% to 21%.
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