Binance's share of the cryptocurrency market continues to decline
Binance's share of the cryptocurrency market continues to decline
The market share of Binance in the cryptocurrency market continues to fall for the fourth consecutive month.
The main reason for the decline in June, experts believe, is the lawsuit between the U.S. Securities and Exchange Commission and Binance, as well as its CEO and founder, Changpen Zhao.
On a monthly basis, Binance's share of the spot market fell from 43 percent in May to 41.9 percent in June, the lowest level since August 2022, according to CoinDesk.
It is worth noting that despite the decline in market share, Binance retains the title of the world's largest cryptocurrency exchange. OKX is in second place with a market share of 5.44%, while Coinbase is in third place with a share of 5.37%.
The lawsuit accelerated Binance's loss of market share, and the decline began after the exchange stopped promotions on 13 spot bitcoin trading pairs, including BTC/USDT, on March 22.
The market share of Binance.US, the U.S. arm of Binance, fell to 0.39 percent in June from 1.18 percent last month.
Meanwhile, cryptocurrency exchanges DigiFinex, ByBit, and Kraken saw a slight increase in market share in June.
We previously reported that Binance sees the UAE as a promising hub for its business.
Founded in Hong Kong in 2017, Binance is not only one of the largest cryptocurrency exchanges but also a platform for creating cryptocurrency business projects. Also, it offers a maker/taker reward grid for active traders.
