Rollercoaster Year for Binance as Market Share Drops, Then Rebounds

Cryptocurrency exchange Binance has finally found some relief after a prolonged period of challenges. In fact, Binance's trading volume market share has surged to 49% following the payment of a $4.3 billion fine, settling its ongoing case with the United States Department of Justice. It's noteworthy that this growth marks a significant improvement for the crypto exchange after an extended period of difficulties.

Binance experienced a robust start in 2023, boasting a 55.2% market share initially. However, various issues plagued the exchange throughout the year, impacting its market share, which dropped to 34.3% by September. Despite the decline, Binance consistently projected an optimistic image, downplaying the market share fluctuations.

The firm asserted that despite the market share challenges, it anticipated a growth in its user base for 2023. According to Binance, the platform is set to attract over 40 million new users in 2023, representing a 30% increase compared to the previous year.

Changpeng Zhao had to leave his post in Binance settlement

Due to the settlement with the United States Department of Justice, Binance had to pay $4.3 billion. Under this agreement, Changpeng Zhao had to resign from the post of CEO of Binance. However, Zhao's shares in the firm remain intact. It is noteworthy that after Changpeng Zhao resigned from the post of CEO of Binance, the former global head of the exchange, Richard Teng was made the new CEO of the company. After this major incident in Binance, there was a continuous decline in the market share of the exchange.

Binance is facing restrictions in India

In the year 2023, while crypto exchange Binance closed its operations in many countries citing regulation related problems, there were some countries that banned Binance. These countries also include India, which banned 9 foreign crypto exchanges in India, including Binance. The Indian government has removed the apps of 9 crypto exchanges including Binance from Google Play Store and Apple App Store for Indian users. Earlier, the Ministry of Finance had issued notices to these 9 offshore exchanges for not being registered with FIU. It is noteworthy that the 9 foreign crypto exchanges to which the notice was issued include Kucoin, Kraken, Bittrex, Bitstamp, Gate.io, Huobi, MEXC Global and Bitfinex along with Binance.

Also Read: Crypto Investors Look to Union Budget for Regulatory Updates

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