You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bybit-surpasses-coinbase-as-the-second-largest-crypto-exchange/" data-wpel-link="internal">Bybit Surpasses Coinbase as the Second Largest Crypto Exchange</a> 
The crypto exchange Bybit enabled Coinbase to become the world’s second-largest crypto exchange. According to Kaiko’s report dated June 25, Bybit became the second-largest centralized crypto exchange by trading volume after an increase in trade activities. The report states that since October, the exchange’s <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> share rose from 8% to 16%, and Bybit surpassed Coinbase in March to become the second-largest exchange after <a href="https://en.coin-turk.com/binance-introduces-binance-web3-wallet-a-secure-and-innovative-crypto-wallet/" data-wpel-link="internal">Binance</a>. 
<h2 class="p1" style="text-align: justify" id="significant-development-for-bybit">Significant Development for Bybit</h2> 
During the same period, Coinbase’s market share and revenue reported an increase of only 1%. Bybit’s growing market share can be partly attributed to Binance losing some of its dominance due to past regulatory issues. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-365001 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/kaiko.png" alt="" width="814" height="822"> 
Bybit’s market share grew over 8% in the last eight months while Binance is losing investor interest. Since October, Binance’s dominance fell from 60% to 54%, partly due to the exchange’s regulatory struggles. The Kaiko team shared the following statement on the matter: 
<blockquote> 
 “This may indicate that the exchange is benefiting from Binance’s regulatory issues.” 
</blockquote> 
On November 21, 2023, U.S. officials announced a $4.3 billion settlement with Binance for Anti-Money Laundering violations; this became one of the most significant penalties in U.S. history. 
<h2 class="p1" style="text-align: justify" id="what-s-happening-in-crypto-exchanges">What’s Happening in Crypto Exchanges?</h2> 
In June 2023, the SEC filed lawsuits against Coinbase and Binance Exchange for securities violations. In the lawsuit against Binance, the SEC alleged that the company and its founder Changpeng Zhao misused billions of user funds. Despite initial allegations, no evidence of misuse of user funds was found. Binance continues to be the world’s largest crypto exchange by trading volume. Similar to other exchanges, Bybit started zero-fee trading for Circle’s USD (USDC) stablecoin in February 2023, which may have contributed to the increased trading volume. 
Overall, Bybit’s average fees are among the lowest in the industry, on par with the fees offered by Binance and OKX exchanges, according to Kaiko. Bybit’s co-founder and CEO Ben Zhou stated that the exchange will continue to strive for affordable and competitive fees: 
<blockquote> 
 “Our commitment to offering competitive fees and a secure platform with innovative products like the Unified Trading Account has resonated with our users.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-365000 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/cex.png" alt="" width="1013" height="479"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bybit-surpasses-coinbase-as-the-second-largest-crypto-exchange/" data-wpel-link="internal">Bybit Surpasses Coinbase as the Second Largest Crypto Exchange</a></h5>

Bybit Surpasses Coinbase as the Second Largest Crypto Exchange

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