- Binance maintains dominance in trade volume market share among crypto exchanges despite a drop in 2023.
- The crypto exchange has a 43.8% share of trade volume against a cumulative 56.2% held by other exchanges.
- Regulatory woes in 2023 saw Binance lose over 20% of its market share.
Cryptocurrency trading platform Binance remains the cryptocurrency exchange with the largest trading volume despite the tumultuous events that marked its 2023.
According to a chart posted by the crypto educational platform Bitining, Binance currently has 43.8% of crypto exchanges’ trade volume. At the start of 2023, the crypto exchange had 62.3% dominance over the market, indicating a shift in customer preferences.
Conversely, other crypto exchanges have a cumulative share of 56.2%. The figure is a significant increase from the 37.7% recorded at the start of the year. Per the aforementioned chart, the bulk of the market share gain came in the second half of 2023, during a period marked by regulatory woes and increased FUD for Binance.
Last year, Binance, its U.S. subsidiary, and former CEO Changpeng Zhao became subjects of increased regulatory scrutiny. Given that the sca…
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