- Binance’s market share as of December was 30.1%, down from 55% at the start of the year.
- A number of high-ranking executives left the organization this year.
Spot market share for crypto exchange Binance has been falling over the last year due to the company’s involvement in a number of regulatory investigations that led to the exit of Binance’s CEO and founder, Changpeng Zhao (CZ).
Based on data given by CCData, Binance’s market share as of December was 30.1%, down from 55% at the beginning of the year. The monthly spot volumes on the exchange fell from $474 billion to $114 billion, a reduction of more than 70%, between January and September.
CCData does point out that, despite a steady decline in market share, Binance has seen an uptick in monthly trade volumes since September.
Still Maintains the Lead
In November, the exchange and its ex-CEO CZ reached a settlement with the US CFTC, agreeing to pay roughly $4.3 billion. This followed similar agreements reached with the United States Departments of Justice and Treasury.
A number of high-ranking executives left the organization this year, including CEO Patrick Hillmann, Senior Director of Investigations Matthew Price, and U.K. head Jonathan Farnell, among many others.
Even while Binance’s percentage of the spot trading market has decreased this year, it is still far and by the biggest cryptocurrency exchange. According to CCData, OKX grew its market share to 8% in December from about 4% at the beginning of the year, putting it in second position behind Binance’s 30%.
When considering both spot and futures trading together, the figures are rather close; nevertheless, OKX’s market share increased to 21% from 9%, while Binance’s fell to 42% from 60%.
Highlighted Crypto News Today:
Bitcoin Briefly Rebounds After Finding Support Around $40,550
