Standard Chartered sees Binance hack accelerating shift to decentralized exchanges

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Binance hack shifts to DEX

Highlights

Standard Chartered's Geoffrey Kendrick predicts the Binance hack will accelerate the trading share shift from centralized exchanges to decentralized exchanges like Uniswap.
CoinGecko data shows the DEX-to-CEX spot trading ratio hit 23.5% in Q2 2026, up 2.1 percentage points from Q1, with Kendrick keeping a $100 Uniswap UNI price target for 2030.
Cryptocurrency markets fell after the Binance hack, with BNB down over 8%, Bitcoin near $77,000, Aave's AAVE down 11.3% to $118.54, and Uniswap's UNI down 10.4% to $6.48.

Trading shift thesis gains support

As reported by Cointelegraph, Standard Chartered global head of digital assets research Geoffrey Kendrick says the Binance hack should increase decentralized exchanges’ share of trading relative to centralized platforms, while cautioning that investors may want to wait until the market impact becomes clearer.

In comments shared by email, Kendrick says he would encourage investors to re-engage with Uniswap, arguing that the decentralized exchange has not suffered exploits and that the attack on Binance, the largest centralized exchange, should continue to lift the ratio of DEX to CEX trading.

CoinGecko data shows the top 10 spot DEX-to-CEX ratio reaches 23.5% in the second quarter of 2026, up 2.1 percentage points from the first quarter. Kendrick maintains his $100 price target for Uniswap’s UNI token for 2030 and says the Binance breach is another reason that forecast may prove too low.

Near-term market pressure and sector implications

Standard Chartered’s view builds on its earlier thesis that assets locked in decentralized finance could reach $2.7 trillion by 2030, with Uniswap positioned as a key venue for trading tokenized assets. The latest hack adds weight to that longer-term argument, even as confidence in centralized trading infrastructure faces renewed scrutiny.

Kendrick also says he expects further negative price action in the near term. Cryptocurrency markets extend their decline early Friday after the Binance hack, with BNB down more than 8% over 24 hours and Bitcoin trading near $77,000, while DeFi-linked tokens also fall, including Aave’s AAVE, down 11.3% to $118.54, and Uniswap’s UNI, down 10.4% to $6.48, according to CoinGecko.

He says a new price base is likely to emerge only after frozen assets are released and more details of the breach become known. That leaves the episode as both a short-term shock for crypto prices and a potential longer-term catalyst for decentralized trading venues.

In our earlier article on CTOS Digital’s cybersecurity incident, we detailed how the breach and resulting service disruptions were expected to hit the company’s financials, including an estimated RM12 million reduction in net profit and RM16 million drop in revenue. We also noted that the longer services stayed impaired, the greater the potential damage to customer confidence and earnings visibility, factors that later fed into analyst downgrades and lower price targets.

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