United

Binance, <a href="https://optimisus.com/news/crypto-news/binance-faces-market-share-decline-amid-regulatory-scrutiny/" rel="noopener noreferrer nofollow">the world's largest crypto exchange</a>, saw its market share decline this year due to legal issues in the United States.  
The US Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) stepped up their investigations into <a href="https://optimisus.com/market/market-news/binance-and-zhao-hit-with-2-7-billion-fine-in-cftc-money-laundering-case/" rel="noopener noreferrer nofollow">Binance</a>, accusing the platform of a variety of violations, including transferring US customers to its global platform and engaging in wash trading.  
The legal issues, combined with the recent collapse of FTX, prompted investors to withdraw their funds from Binance.  
Binance controlled roughly 70% of the market at the start of 2023. However, when the exchange suspended certain trading activities in March, this figure fell to nearly half.  
Despite these setbacks, Binance appears to be on the mend. The platform recently agreed to pay a $4.3 billion fine to the Department of Justice (DOJ) for violating anti-money laundering regulations, indicating a positive turn of events for investors.  
Furthermore, Binance has been granted permission to continue operations in the United States, adding to the positive outlook.  
Binance currently controls 43.8% of the market, with other exchanges accounting for the remaining 56.2%. This represents a shift from its previous dominance, but it also suggests a gradual recovery.  
Competing exchanges increased their market share from 37.7% to 56.2% this year, gaining traction around September when Binance faced increased legal scrutiny.  
The SEC is still investigating Binance, its US branch, and former CEO Changpeng Zhao. Zhao, who admitted to money laundering in November, is scheduled to stand trial next year and could face up to ten years in prison. 
The post <a href="https://optimisus.com/market/market-news/binances-market-share-falls-amid-u-s-legal-issues-but-shows-signs-of-recovery-after-paying-a-4-3-billion-fine/" rel="noopener noreferrer nofollow">Binance’s market share falls amid U.S. legal issues but shows signs of recovery after paying a $4.3 billion fine</a> appeared first on <a href="https://optimisus.com" rel="noopener noreferrer nofollow">Optimisus</a>.

Binance’s market share falls amid U.S. legal issues but shows signs of recovery after paying a $4.3 billion fine

Optimisus

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