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Despite facing regulatory challenges, Binance has retained its position in the industry, with only a marginal decrease in its market share, according to TokenInsight. 
<a href="https://crypto.news/tag/binance/" target="_blank" rel="noreferrer noopener">Binance</a> experienced a 5% decline in market share, dropping from 54.2% to 48.7%. This shift followed the decision of Binance’s founder, Changpeng Zhao, to step down as CEO as part of a <a href="https://crypto.news/binance-ceo-changpeng-zhao-steps-down-with-response-to-the-sec-following-guilty-plea/" target="_blank" rel="noreferrer noopener">$4.3 billion settlement</a> with the U.S. Department of Justice, according to recent <a href="https://tokeninsight.com/en/research/reports/crypto-exchanges-2023-annual-report" target="_blank" rel="noopener">research</a> from TokenInsight. 
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 <img loading="lazy" decoding="async" width="1024" height="575" src="https://crypto.news/app/uploads/2024/01/josdijfdsifj-1024x575.jpg" alt="Binance's market share declined by 5% amid regulatory pressure, data shows - 20" class="wp-image-14239121">
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 Crypto exchanges market share | Source: TokenInsight
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As per data, other cryptocurrency exchanges such as <a href="https://crypto.news/tag/okx/" target="_blank" rel="noreferrer noopener">OKX</a> and <a href="https://crypto.news/tag/bybit/" target="_blank" rel="noreferrer noopener">Bybit</a> appeared to be significant gainers in the market, with OKX increasing by 4.3% in market share to 15.7%, while Bybit saw a rise of 2.2% up to 11.6%. Analysts added that despite Binance facing troubles with U.S. regulators last year, traders “do not seem to have lost confidence in centralized exchanges.” 
<blockquote class="wp-block-quote"> 
 “These events did not have a massive impact on the market landscape as the FTX collapse did in 2022. Traders still prefer the perceived safety of centralized exchanges.” 
 TokenInsight 
</blockquote> 
In Q1 2023, decentralized exchanges — including <a href="https://crypto.news/tag/uniswap/">Uniswap</a>, <a href="https://crypto.news/tag/pancakeswap/" target="_blank" rel="noreferrer noopener">PancakeSwap</a>, Orca, and others — reached their peak market share at 2.98%. Meanwhile, Q1 was also the quarter with the largest transaction volume, analysts added. However, in the subsequent two quarters, both trading volume and market share gradually contracted. While there was a slight increase in both metrics in Q4, the overall proportion did not undergo significant changes, as per TokenInsight’s data. 
 Read more: <a href="https://crypto.news/binance-released-proof-of-reserves-audit-showing-100-backed-assets/"> Binance releases proof of reserves, showing 100% backed assets </a>

Binance’s market share declined by 5% amid regulatory pressure, data shows

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