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 <p class="is-style-lead">Despite facing regulatory challenges, Binance has retained its position in the industry, with only a marginal decrease in its market share, according to TokenInsight.</p>
 <p>Binance experienced a 5% <a rel="noopener noreferrer nofollow" title="decline" href="https://thebittimes.com/tag/decline.html">decline</a> in <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> <a rel="noopener noreferrer nofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a>, 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 $4.3 billion settlement with the U.S. Department of Justice, according to recent research from TokenInsight.</p>
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   <img decoding="async" width="1024" height="575" src="https://cdn.thebittimes.com/images/2024/01/17/7c96ed34d8b6eea17996f70bc65a6eba.webp" alt="Binance's market share declined by 5% amid regulatory pressure, data shows - 1"> 
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   Crypto exchanges market share | Source: TokenInsight
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 <p>As per data, other cryptocurrency exchanges such as OKX and Bybit 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.”</p>
 <blockquote class="wp-block-quote">
  <p>“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.”</p>
  <p>TokenInsight</p>
 </blockquote>
 <p>In Q1 2023, decentralized exchanges — including Uniswap, PancakeSwap, Orca, and others — reached their peak <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> <a rel="noopener noreferrer nofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a> 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 <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> <a rel="noopener noreferrer nofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a> 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.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/binance-s-market-share-declined-by-5-amid-regulatory-pressure-data-shows-tbt76818.html">https://thebittimes.com/binance-s-market-share-declined-by-5-amid-regulatory-pressure-data-shows-tbt76818.html</a></p>

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

TheBitTimes

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