- In January, Binance recovered 49% of all exchange spot volumes, nearing its previous year’s level.
- The exchange’s market share had dropped to about 34% in September due to legal challenges.
- The platform gained 40 million new users in 2023, demonstrating robust growth amid scrutiny.
Leading cryptocurrency exchange Binance continues to make strides toward rebuilding its dominant trading volumes after agreeing to a record-shattering U.S. settlement last November over anti-money laundering violations.
Kaiko, a provider of cryptocurrency market data, reports that Binance recovered 49% of all exchange spot volumes in January. This is just two months after the Department of Justice imposed a costly $4.3 billion fine. The figure approaches levels from earlier last year.
Binance saw its market share plummet to multi-year lows of around 34% last September amid a confluence of legal pressures chipping away at the exchange’s long-held top perch. But stabilizing U.S. relations and focusing on risk and compliance reforms have it on the path back toward supremacy.
Binance added 40 million net new users in 2023
The company added 40 million net new users in 2023, even while navigating heavy scrutiny. And following November’s deal, a Binance spokesperson said the agreement marked a “new chapter,” with a renewed commitment to customers taking precedence in decision-making.
Though the monumental fine represented a blow both financially and reputationally, Binance appears to be bouncing back by touting its anti-laundering overhaul. And for still-loyal users, the lack of further bombshell actions from investigators provides confidence.
With the U.S. entity still facing trouble, Binance must grow internationally while meeting heightened compliance burdens if it hopes to challenge its peak clout again. That still remains a tall order, even for a defiant exchange less humbled than some expected throughout the ordeal.
