The cryptocurrency giant’s global market share has been falling over the months following a series of crises. But two months in, Binance seems to be recovering.
Binance is starting to win the hearts of investors again, and its global market share has increased over the past two months.
In 2023, the cryptocurrency giant experienced several consecutive crises that contributed to the flight of its customers to other platforms, especially OKX. For example, Binance faced the termination of its partnership with the banking giant Paysafe, which caused several withdrawal and deposit difficulties for its European customers. But above all, at the end of November, Binance agreed to pay $4.3 billion to the US court system to end the extensive investigation.
The result: Binance’s global market share fell from 74% in December 2022 to 44% in November 2023 after Binance settled its record fine. But for two months, investors seem to be returning to the cryptocurrency exchange platform. According to niche site Kaiko, Binance’s market share has recovered over the past two months, with cryptocurrency trading volumes on the platform increasing to reach 49% of the global market, “from multi-year lows”.
Founded in 2017, Binance is the first cryptocurrency exchange platform on the planet. The crypto exchange is led by Richard Tang after the resignation of its emblematic boss Changpeng Zao (CZ) in November 2023. The platform claims more than 174 million customers on its website.