Binance drops below 50% market share on regulatory pressure
For years, Binance has held its undisputed leading position among cryptocurrency exchanges, capturing well over 50% of the total market share. It, too, however, became another cog in the mechanism that has proven 2023 to be a decidedly mixed bag for the crypto market . On the one hand, it was a period of significant recovery for many cryptocurrencies and a year of renewed hope – hope that ultimately came true – that the SEC will approve a spot Bitcoin exchange-traded fund (ETF). It was also a year of multiple major shocks, including the arrest of Do Kwon in Montenegro, a series of regulatory actions targeting the crypto industry – nicknamed “operation chokepoint 2.0” by the community – and, indeed, also targeting Binance itself. As a result, Binance’s dominance of the market was significantly challenged on multiple occasions throughout the year. It twice experienced sharp declines – once after the SEC unveiled its lawsuit and again after the long-stand...