Binance, a prominent cryptocurrency trading platform, retains its position as the exchange with the highest trading volume, despite the challenges it faced throughout 2023.
As reported by Bitining, Binance presently holds 43.8% of the total crypto exchange trade volume, showing a shift from its 62.3% dominance at the beginning of 2023. This shift points to changing preferences among customers.
On the flip side, other crypto exchanges collectively hold 56.2%, a substantial increase from the 37.7% they had at the start of the year. Notably, this surge occurred primarily in the latter half of 2023, coinciding with regulatory concerns and increased uncertainty surrounding Binance.
Last year, Binance, its U.S. arm, and former CEO Changpeng Zhao faced heightened regulatory scrutiny. Amid the aftermath of FTX’s collapse, concerns over another institutional breakdown affected Binance’s market dominance.
However, Binance settled with U.S. regulators for $4.3 billion, admitting to various allegations. Additionally, Changpeng Zhao faces several charges, awaiting trial this year, while a court has rejected his request to return to the UAE.
According to CoinMarketCap data, Binance continues to lead in 24-hour trading volume among exchanges, reporting $13.2 billion in trade volume. Upbit also displayed substantial activity, totaling $3.1 billion, while Coinbase recorded $2.3 billion, significantly less than Binance. Kraken witnessed a trading volume of $930 million in the same period.
