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Binance is still the dominant centralized exchange (CEX), despite losing a slice of its market share in the wake of legal, regulatory and leadership woes in 2023.
JUST IN : #Binance MARKET SHARE DROPPED FROM 54.2% TO 48.7% IN 2023 – PER TOKENINSIGHT pic.twitter.com/gAEIDDMi0u
— Rohitash Yadav (CCM) (@RYadav8177) January 17, 2024
Data according to TokenInsight shows that while the exchange’s market share reduced by 5.5 percentage points last year (from 54.2% to 48.7%), it remains very dominant.
Trading platforms OKX and Bybit gained, adding 4.3 percentage points and 2.2 percentage points in market share, respectively, and benefited the most from Binance’s troubles.
Binance Faced Perfect Storm Last Year
The year 2023 was a turbulent one for Binance. With regulatory bodies in the US clamping down on the platform and former CEO Changpeng Zhao. The regulatory attacks came as several enforcement agencies charged Binance with law violations, including facilitating trades in crypto that were deemed “unregistered securities.”
The exchange was also called out for alleged fraud and struggled with an exodus of top executives as its problems led to the closure of its operations in multiple jurisdictions.
The final, heaviest blow came from he US Department of Justice. In November, thecrypto exchange agreed a $4.3 billion settlement with the Department of Justice to settle criminal charges of money laundering and sanctions violations levelled against it. Zhao was fined $50 million and agreed to step down as CEO for three years.
Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.
Binance is no longer a baby. It is…
— CZ 🔶 BNB (@cz_binance) November 21, 2023
New chief executive Richard Teng now steers the platform, and vows to “meet and exceed the expectations of stakeholders while achieving our core mission, the freedom of money.”
Other areas Teng said he would focus on include:
- Reassure users that they can remain confident in the financial strength, security, and safety of the company.
- Collaborate with regulators to uphold high standards globally that foster innovation while providing important consumer protections.
- Working with partners to drive growth and adoption of Web3.
Also Read:
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- Coinbase Soars 381% In 2023 On Binance Legal Woes, Resurgent Crypto Market
- Binance To Pay $2.7 Billion In Settlement Deal With CFTC, CZ Fined $150 Million
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