News Formal

Binance’s market share drops on CFTC suit and no-fee trading halt: Report

  • 📰 Cointelegraph
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 51%

Singapore News News

Singapore Singapore Latest News,Singapore Singapore Headlines

Binance’s trading volume market dominance has been slashed over the first few months of 2023 reportedly due to its decision to end some zero-fee trading and a lawsuit from the CFTC.

) trading pairs with multiple fiat currencies and stablecoins largely contributed to the firm’s downfall.

Binance’s market share trading volume amongst the top centralized exchanges fell to 54% by the end of the first quarter. Source:Kaiko explained part of this fall was alleviated by its U.S. arm, Binance.US, which managed to triple its market share over the quarter from 8% to 24%. Kaiko explained that the fall in trading volume figures was influenced mostly by the end of zero-fee spot trading as opposed to the CFTC lawsuit:

The market share fall to 54% comes as Binance was one of the “big winners” of the FTX fiasco which saw its market share in trading volume rise to 65% during the last quarter of 2022:

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 562. in SG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

China: Plug-In Car Sales Reached 33% Market Share In February 2023Plug-in electric car sales in China substantially increased in February, which is a positive sign after the slowdown in January.
Source: InsideEVs - 🏆 579. / 51 Read more »