2024

United

Crypto exchange Binance has started to recover its trading volume market share months after settling its case with the United States Department of Justice and paying a $4.3 billion settlement fine.
According to data from crypto research firm Kaiko, Binance’s trading volume market share rose to 49% two months after the exchange settled its case with U.S. regulators. The uptick follows multiyear lows as the exchange navigated its legal issues. 
<blockquote class="twitter-tweet">
 Two months post-settlement, Binance's market share is recovering. Volumes rose to 49%, up from multi-year lows. <a href="https://t.co/Xuo4JQxpY9">pic.twitter.com/Xuo4JQxpY9</a>— Kaiko (@KaikoData) <a href="https://twitter.com/KaikoData/status/1751935218791981422?ref_src=twsrc%5Etfw">January 29, 2024</a>
</blockquote> 
Even though Binance started strong in 2023, the exchange suffered blows to its spot market share throughout the year. Starting with a 55.2% share in January 2023, the exchange’s spot market share <a href="https://cointelegraph.com/news/crypto-binance-spot-market-share-drops-7th-month">dropped to as low as 34.3%</a> in September, according to crypto data provider CCData. 
In June 2023, analytics firm Nansen reported that Binance <a href="https://cointelegraph.com/news/binance-ceo-changpeng-zhao-address-billions-exchange-outflows">experienced a net outflow</a> of $2.36 billion, while data aggregator DefiLlama reported a larger figure of $3.35 billion. However, Binance’s former CEO, Changpeng Zhao, claimed that the data may be inaccurate, as third-party analytics firms measure changes in assets under management as outflows. 
Despite the blows to its market share, Binance claimed that it <a href="https://cointelegraph.com/magazine/binance-gains-users-market-share-falls-crypto-panic-fake-news-asia-express/">gained 40 million more users</a> in 2023. The exchange highlighted that this was nearly a 30% increase compared with 2022 and said it experienced growth in its “key services.” 
Related: <a href="https://cointelegraph.com/news/binance-timeline-settlement-us-government">Binance settles with US government: Timeline of enforcement actions</a>
In a statement sent to Cointelegraph, a Binance spokesperson said the exchange is focusing on its users and moving into a new chapter. The spokesperson wrote: 
<blockquote data-ct-non-breakable="true">
 “At Binance, our focus has always been on putting users at the center of every decision we make. As a result, users can continue to have confidence in our platform as we move into a new chapter of Binance’s story.”
</blockquote>
On Nov. 21, U.S. officials <a href="https://cointelegraph.com/news/us-officials-announce-binance-settlement">announced a $4.3 billion settlement</a> with Binance. Attorney General Merrick Garland said in a press release that the amount would cover “civil regulatory enforcement actions” by government departments, including the Treasury Department and the Commodity Futures Trading Commission.
Magazine: <a href="https://cointelegraph.com/magazine/sec-delays-ether-etfs-binance-settlement-approved-and-another-court-loss-for-sbf-hodlers-digest-dec-17-23/">SEC delays Ether ETFs, Binance settlement approved and another court loss for SBF: Hodler’s Digest</a>

Binance’s market share rebounds post-$4.3B US settlement deal

Cointelegraph

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