Over the past three months, the market share of the Binance exchange has been steadily declining after reaching a yearly peak of 57% in February 2023. Currently, Binance’s market share has dropped to 43% in May. Meanwhile, spot trading volume on the exchange has also dropped to $212 billion, which is the lowest monthly trade since November/November/November. 2020, when Binance’s trading volume reached only $176 billion.
Part of the reason for this decline could be related to the fact that Binance is facing scrutiny from US regulators and has closed its Canadian operations due to regulatory concerns. According to a new report from Wu Blockchain, there are reports that Binance may have laid off up to 20% of its employees.
Additionally, Binance Australia’s branch has also been experiencing issues recently, with Bitcoin trading at a 20% discount on Binance Australia after the exchange suspended bank transfers in Australian dollars.
All of these events have impacted Binance’s market share and operations, causing volatility and challenges for the exchange in recent times.
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