Richard

AI Crypto

Million

Billion

Binance is still the dominant centralized exchange (<a href="https://insidebitcoins.com/buy-cryptocurrency/what-is-a-cex" target="_blank" rel="noopener noreferrer nofollow">CEX</a>), despite losing a slice of its market share in the wake of legal, regulatory and leadership woes in 2023. https://twitter.com/RYadav8177/status/1747609007978848334 Data according to TokenInsight shows that while the exchange's market share reduced by 5.5 percentage points last year (from 54.2% to 48.7%), it remains very dominant. <a href="https://insidebitcoins.com/wp-content/uploads/2024/01/Binances-woes.png" rel="noopener noreferrer nofollow"><img class="aligncenter wp-image-472886 size-full" src="https://insidebitcoins.com/wp-content/uploads/2024/01/Binances-woes.png" alt="Binance market share" width="950" height="534"></a> Trading platforms <a href="https://insidebitcoins.com/visit/okx" target="_blank" rel="noopener noreferrer nofollow">OKX</a> and <a href="https://insidebitcoins.com/visit/bybit" target="_blank" rel="noopener noreferrer nofollow">Bybit</a> gained, adding 4.3 percentage points and 2.2 percentage points in market share, respectively, and benefited the most from Binance's troubles. 
<h2 id="binance-faced-perfect-storm-last-year">Binance Faced Perfect Storm Last Year</h2> The year 2023 was a turbulent one for Binance. With regulatory bodies in the US clamping down on the platform and former CEO Changpeng Zhao. The regulatory attacks came as several enforcement agencies charged Binance with law violations, including facilitating trades in crypto that were deemed “unregistered securities.'' The exchange was also called out for alleged fraud and struggled with an exodus of top executives as its problems led to the closure of its operations in multiple jurisdictions. The final, heaviest blow came from he US Department of Justice. In November, thecrypto exchange agreed a $4.3 billion settlement with the Department of Justice to settle criminal charges of money laundering and sanctions violations levelled against it. Zhao was fined $50 million and agreed to step down as CEO for three years. https://twitter.com/cz_binance/status/1727063503125766367?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1727063503125766367%7Ctwgr%5E91fd198f69d2000f4ef68bed554b74bb1dd1bed5%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.fxstreet.com%2Fcryptocurrencies%2Fnews%2Fbreaking-cz-confirms-resignation-as-ceo-takes-responsibility-for-wrongdoing-and-says-binance-is-not-a-baby-202311212042 New chief executive Richard Teng now steers the platform, and vows to "meet and exceed the expectations of stakeholders while achieving our core mission, the freedom of money." Other areas Teng said he would focus on include: 
<ul>
 <li>Reassure&nbsp;users that they can remain confident in the financial strength, security, and safety of the company.</li>
 <li>Collaborate&nbsp;with regulators to uphold high standards globally that foster innovation while providing important consumer protections.</li>
 <li>Working with partners to drive growth and adoption of Web3.</li>
</ul>
<h3 id="also-read">Also Read:</h3>
<ul>
 <li><a class="article-header-title" href="https://insidebitcoins.com/news/ai-crypto-coins-outperformed-most-other-sectors-in-last-three-months-binance-report-says" rel="noopener noreferrer nofollow">AI Crypto Coins Outperformed Most Other Sectors In Last Three Months, Binance Report Says</a></li>
 <li><a class="article-header-title" href="https://insidebitcoins.com/news/coinbase-soars-almost-400-in-2023-on-binance-legal-woes-resurgent-crypto-market" rel="noopener noreferrer nofollow">Coinbase Soars 381% In 2023 On Binance Legal Woes, Resurgent Crypto Market</a></li>
 <li><a class="article-header-title" href="https://insidebitcoins.com/news/binance-to-pay-2-7-billion-in-settlement-deal-with-cftc-cz-fined-150-million" rel="noopener noreferrer nofollow">Binance To Pay $2.7 Billion In Settlement Deal With CFTC, CZ Fined $150 Million</a></li>
</ul> [in-content-heros name="a-default-box"]

Binance Maintained Dominant Market Share Last Year, Despite Lawsuits, Regulatory Storm, Leadership Exodus

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