Binance continues to increase its dominance and market share in the crypto trading space thanks to investor confidence, despite the legal siege.
According to statistics from CryptoComparethe world’s largest cryptocurrency exchange by volume, Binance has had the fourth consecutive month of increasing market share in the spot segment.
Specifically, Binance’s spot market share increased from 59.4% in January to 61.8% in February 2023, with a total volume of $ 540 billion for the month. Since November 2022, Binance’s spot market share has increased to 13.7% following the collapse of rival platform FTX.
Following Binance in terms of trading volume in February 2023 was Coinbase with just $39.9 billion, down 29% month-on-month, while Kraken was third with $19.3 billion, down 11%.
Despite the negative news that continued to hit the number 1 crypto exchange in the market in the first two months of 2023 – from stablecoin BUSD being accused of being a security by the US SEC, to the Binance.US acquisition of Voyager being denied by the US SEC. The New York government protests, Binance admits to losing a banking partner to handle USD transactions or past token securitization errors – they still seem unlikely to shake investor confidence in Binance.
Analyst Jacob Joseph of CryptoCompare comment:
“Despite the criticism that Binance has received in the past, investors in the market still choose this place to store their assets because it is considered the safest. Binance also possesses ample liquidity, thus limiting the risk of slippage when trading, and supports a wide range of useful trading pairs and services.”
In terms of derivatives trading, Binance also dominated the futures market share when accounting for 62.9% of the total trading volume. Following are the exchanges OKX and Bybit with 14% and 13.3% market share, respectively.
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