Binance Market Share Plummets By 25%

Binance Sees Market Share Plummet By 25% Amid Legal, Regulatory Troubles

Updated: 12 December 2023

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Binance has seen its market share plunge 25% this year as it battles lawsuits in the US and regulatory scrutiny across the globe.

The world’s biggest crypto exchange saw its market share plunge from about 55% in January to 30.1% this month, according to CCData.

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In November:
🔹CEX spot & derivative volumes hit a high since Mar'23
🔹Binance's market share dips despite higher volumes
🔹Spot & derivatives volume on @OKX & @Official_Upbit market rose 58.0% & 45.5% to $731bn & $431bnhttps://t.co/9kq6nCP6gd

— CCData (@CCData_io) December 6, 2023

Binance Sees Exodus Of Top Executives

Besides legal troubles with the US Securities and Exchange Commission and the US Department of Justice, the exchange also saw an exodus of top executives.

After the exchange and former CEO Changpeng Zhao agreed to pay $4.3 billion to settle charges brought in the US, Zhao stepped aside as Richard Teng took over as the new CEO.

On the AMA I was asked to take a 4 photo. I need my own thing, so I'll do the 3 instead.

It represents my 3 commitments as #Binance CEO:

1) Being user-focused, always
2) Working with regulators to uphold standards
3) Collaborating with partners to grow Web3 pic.twitter.com/DcJyFVj8LX

— Richard Teng (@_RichardTeng) December 1, 2023

The new leader is working to rebuilding the exchange’s tarnished reputation. He says Binance will work with regulators to uphold high standards globally, foster innovation, and provide consumer protection.