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Binance’s Market Share Fell Further in June
The crypto exchange still remains the world’s largest by a significant proportion.
Updated Jun 28, 2023, 5:05 p.m. Published Jun 28, 2023, 5:05 p.m.
Binance, the world’s largest cryptocurrency exchange by trading volume, saw its market share continue to decrease in June as the U.S. Securities and Exchange Commission (SEC) sued the company and its founder Changpeng Zhao.
According to CCData, Binance’s spot market share in June dropped to 41.9% from 43% a month earlier, marking the fourth consecutive monthly decline for the exchange and the lowest level since August 2022.
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Binance, however, remains the world’s largest crypto exchange by a wide margin. Seychelles-based OKX is second in market share at 5.44% and American exchange Coinbase (COIN) third at 5.37%.
While the SEC suit may have been a catalyst for June’s softness, Binance’s market share began to decline four months ago after the exchange on March 22 halted its no-fee trading promotion for 13 bitcoin spot trading pairs, including BTC-USDT.
Binance’s U.S. operation, Binance.US – also sued by the SEC – saw its market share decline to 0.39% from 1.18%, said CCData.
Not left out of the SEC lawsuits in June was Coinbase and that exchange saw relatively stable market share of 5.37% this month versus 5.43% in May. DigiFinex, ByBit and Kraken were among those exchanges seeing modest increases in market share in June.
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