Binance, the largest cryptocurrency exchange by trading volume, with 76 billion every day which is the most trusted among investors has experienced many ups and downs in 2023 due to regulatory hurdles which might be CZ’s departure of the 4 billion settlement.
According to TokenInsight which is token data the rating company reported that Binance has witnessed a 5% dip in its market shares while it is seen that OKX and Bybit are leading the race. Binance has seen a massive drop from 54.2% to 48.7% in 2023.
Binance Remains the Leader Despite the Dip
Report shared by TokenInsight, Binance market shares in 2023 were standing at 54.2 % which drastically fell below 48.7%. OKX and Bybit saw a surge as they increased by 4.3% and 2.2% respectively during the same period. It is not shocking that why Binance has seen this loss, we’ve seen its difficult journey in 2023.
Challenging Year for Binance
The 2023 year was the most challenging for Binance cause the Securities and Exchange Commission filed a lawsuit against Binance and its CEO Changpeng Zhao accusing them of security violations. 13 more charges came after the CFTC revealed a similar complaint against Binance and Zhao earlier this year.
Right after that, the Department of Justice (DOJ) pointed out Binnace with serious allegations such as violating sanctions and failing to comply with anti-money laundering regulations. After a long chaos in the crypto community, Binance agreed to the settlement with the DOJ by accepting a substantial fine of 4.3 billion.
Due to these reasons, Binance has experienced a 5% dip in market shares but still standing like a rock in the world of cryptocurrencies.
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