Binance's market share among non-USD exchanges slips to 50%

Quick Take

  • The under-fire exchange has seen its market share among platforms that do not support USD trading slip from 75% at the start of the year.

Binance, the world’s largest crypto exchange, has lost considerable market share to global rivals that do not offer U.S. dollar support this year.

Binance finished 2022 with a 75% market share among a group of platforms that also includes major Asian players like Upbit, Huobi, Bybit and OKX — but that figure declined steadily throughout the year, hitting 54% in August, according to The Block Research’s data. Incomplete data for the month of September suggests Binance’s market share will fall further to under 51%.

A spokesperson for Binance declined to comment on the market share figures.

Binance under pressure

The exchange behemoth run by Changpeng Zhao has endured a punishing year on the regulatory front — most notably in the U.S., where it has been sued by both the Securities and Exchange Commission and the Commodity Futures Trading Commission. It has also drawn scrutiny elsewhere, such as in France, where it is under investigation, while exiting other markets, like The Netherlands, entirely.

Binance laid off an undisclosed number of what was once a 7,000-strong workforce in May, stating at the time that the decision was in part made “to ensure our resources are allocated properly to reflect the evolving demands of users and regulators.”