Is Binance Losing Ground in Global Bitcoin Markets?
- Binance’s market share of Bitcoin trading fell from 81.3% to 55.3%.
- Bybit and OKX increased their non-U.S. market shares to 9.3% and 7.3%.
- Binance faces a new legal battle over unregistered crypto sales in Canada.
Binance, the leading global cryptocurrency exchange, has experienced a significant decline in its market share of Bitcoin trading outside the United States. Research from Kaiko indicates that Binance’s share dropped to 55.3% from 81.3% over the past year. For Altcoins, the share fell to 50.5% from 58%.
This shift is attributed to Binance ending a promotion that eliminated trading fees. Analysts at Kaiko suggest that this change has allowed smaller exchanges to gain traction as trading volumes rebound. Notably, Bybit and OKX have increased their market presence, particularly in Asian markets.
Bybit’s share of non-U.S. Bitcoin trading rose to 9.3% from 2%, while OKX now holds 7.3%, up from 3%. These gains come as Binance faces legal challenges, including recent guilty pleas to U.S. charges related to anti-money laundering and sanctions violations by its co-founder Changpeng Zhao.
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