Binance US Branch Offers Rise 24% In spite of CFTC Focusing on The Trade
Key Points:
- Binance’s spot piece of the pie falls in the primary quarter of 2023, while Binance US becomes by over 24%.
- Additionally, it is claimed that the exchange’s decision to end its zero-fee trading program contributed to the loss.
According to a recent estimate, Binance lost 16% of its market dominance in the first quarter of 2023.
The story says that the CFTC lawsuit and the company’s decision to end its free trading program caused the drop. While the shares of Coinbase have decreased by nearly 49%, the shares of Binance US have increased by 24%.
In the two weeks following the CFTC’s case against the top cryptocurrency exchange, it has lost nearly 16% of its market share of transaction activity. Additionally, it is claimed that the exchange’s decision to end its zero-fee trading program contributed to the loss.
Since 2019, this platform and its CEO, Changpeng Zhao, have been accused by the US Commodity Futures Trading Commission (CFTC) of engaging in financial transactions without the necessary registration. In addition, the platform stated that, despite the fact that Binance maintains a 54% market share, it experienced a significant decrease in market share in the first quarter of 2023.
Following the story, Chinese correspondent Collin Wu posted a message on his authority Twitter page Wu blockchain referencing the trade’s misfortune: Kaiko says that Binance lost 16% of its spot market share to 54% after the CFTC filed a lawsuit and the company stopped doing most zero-fee transactions, but only 2% of its perpetual contract market share.
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Fundamentally, the columnist expressed that the trade just lost around 2% piece of the pie in the ceaseless agreement market after the CFTC recorded a claim and Binance halted most zero-expense exercises, adding: Binance only lost about 2% of its spot market share in the perpetual contract market after the CFTC filed a lawsuit and the platform stopped most zero-fee activities.
In a similar vein, Coinbase’s market share decreased significantly, going from a weekly average of 60% to 49%. In spite of the litigation, Binance US, the US division of Binance, saw a remarkable increase in market share, more than tripling from 8% to over 24%.
