Binance marketshare at lowest point since beginning of the year

The Block • July 7, 2023, 6:22PM EDT

Quick Take

Binance’s marketshare among exchanges with no USD support has shrunk from 72% at the start of the year to 58%.

Binance, the largest global cryptocurrency exchange, faces a dwindling marketshare as executives from the firm depart, according to data from The Block's data dashboard.

Top executives at Binance resigned this week over CEO Changpeng Zhao’s handling of regulatory investigations into the company, Fortune reported, citing sources. Senior officials at the company including general counsel Han Ng, chief strategy officer Patrick Hillmann and SVP for compliance Steven Christie told Zhao they are leaving the company, Fortune said.

The exits come amid a dip in Binance's marketshare among global exchanges. The firm saw its market share fall from 72% in January to just over 58% at present.

The figures represent the marketshare of spot trade volumes for cryptocurrency exchanges with no USD support or USD pairs contributing insignificant volumes.

About Author

Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].