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

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Binance
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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.

Binance market share

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

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.

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.

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