binance, The $76 billion daily trading volume cryptocurrency exchange, the most trusted among investors, has seen many ups and downs in 2023, with CZ facing regulatory hurdles that could halt $4 billion in payments.
According to token data TokenInsight, the rating firm found that OKX and Bybit are leading the race while Binance has lost 5% of its market share. Binance fell significantly from 54.2% to 48.7% in 2023.
Binance still maintains lead despite decline
According to a report shared by TokenInsight, Binance’s market share in 2023 is 54.2%, falling sharply below 48.7%. During the same period, OKX and Bybit soared, rising 4.3% and 2.2%, respectively. It is not surprising why Binance suffered these losses. We have seen a difficult journey for Binance in 2023.
A challenging year for Binance
2023 has been the most difficult year for Binance. This is because the Securities and Exchange Commission filed a lawsuit against Binance and its CEO Changpeng Zhao, alleging security violations. Thirteen additional charges have been filed since the CFTC filed similar complaints against Binance and Zhao earlier this year.
Afterwards, the Department of Justice (DOJ) singled out Vinas for serious charges, including violation of sanctions and failure to comply with anti-money laundering regulations. After a long period of confusion in the cryptocurrency community, Binance agreed to a settlement with the Department of Justice, accepting a significant fine of $4.3 billion.
For this reason, Binance is still sitting like a rock in the cryptocurrency world, even though it lost 5% of its market share.