laid off an undisclosed number of what was once a 7,000-strong workforce
Justin d’Anethan, head of business development in Asia Pacific for Keyrock, the market maker, said he suspects both retail and institutional investors will have “shaved off some exposure, in light of the regulatory hurdles Binance is facing, in the U.S. and even globally,” adding: “That’s definitely benefiting the next exchanges in line, which ironically might not necessarily be more compliant but are less under the spotlight.
The exact cause of the dip in Binance's market share is hard to pinpoint, however. Steven Zheng, director of research at The Block Research, pointed out thatin July 2022 — at roughly the same time that it began gobbling up more market share.
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