Binance’s Market Share Fell Further in June
The crypto exchange still remains the world’s largest by a significant proportion.
Jun 28, 2023 at 5:05 p.m. UTC:format(webp)/downloads.coindesk.com/arc/failsafe/placeholders/16x9.png)
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
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.
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.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.
:format(webp)/s3.amazonaws.com/arc-authors/coindesk/e4e4ceeb-6029-42ec-bffe-cc33ab88ada9.png)
Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.
Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.