Binance, the world’s largest cryptocurrency exchange, has seen its share of the crypto trading market decline to 30% from 55% at the start of 2023 amid mounting legal problems.
According to numbers provided by CCData, Binance's market share today is 30.1% versus 55% at the start of the year. Between January and September, the exchange’s monthly trading volumes declined by 75%, from $474 billion U.S. to $114 billion U.S.
The loss of market share at privately held Binance comes as the company faced an onslaught of legal problems and charges from regulators.
Recently, the company’s Canadian founder and chief executive Changpeng “CZ” Zhao pleaded guilty to multiple securities violations and is awaiting sentencing in the U.S.
Zhao has also resigned as CEO and the public face of Binance.
In addition to Zhao’s exit, the company has also endured several other executive departures over the past year, including its Chief Strategy Officer Patrick Hillmann and Senior Director of Investigations Matthew Price.
Despite Binance’s market share decline, it remains the largest cryptocurrency exchange.
In second place to Binance is OKX, which has seen its market share grow to 8% from around 4% at the start of 2023, according to CCData.
Binance is a privately held company and its stock does not trade on a public exchange.
