Crypto News – Bloomberg claims that for the sixth straight month, the largest cryptocurrency exchange in the world, Binance, has seen a steady fall in its share of the spot market.
Breaking News: Binance Spot Market Share Sinks Unstoppably
Data from CCData shows that Binance’s share of the spot market fell to 34.3% in September from 38.5% the month before and from 55.2% in January. Moreover, Binance experienced a reduction in the futures market as well. From 53.5% in August, it saw a drop to 51.5%.
Following the demise of FTX, which left its creator, Sam Bankman-Fried, facing legal issues, The Wall Street Journal observed that Binance appeared to take over as the leading cryptocurrency exchange automatically. But less than a year later, Binance, led by CEO Changpeng Zhao, is also facing comparable crisis threats.
Binance’s Legal Issues
Over the past three months, a number of top directors have left the company due to pressure from the ongoing US probe into the digital currency exchange. Additionally, in an effort to reduce costs, Binance has announced the termination of 1,500 workers. The decrease in Binance’s spot market share was also influenced by its recent decision to end a zero-fee program.
Legal disputes between Binance, the SEC, and the US Commodity Futures Trading Commission are now in progress. Both agencies assert that they provided illicit securities and did not register with American regulators. These accusations are being disputed in court by the exchange and its US operations.
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