Market News

Binance’s Rivals Muscle In on Bitcoin Trading Around the World - BLOOMBERG

APRIL 23, 2024

(Bloomberg) -- Crypto exchanges are eating into Binance’s share of Bitcoin trading outside the US as overseas expansion efforts and changing regulations reshape the competitive dynamics of the digital-asset industry.

Over the past year, the world’s largest crypto exchange saw its share of such Bitcoin trading drop to 55.3% from 81.3%, according to research firm Kaiko. For smaller tokens known as altcoins, the proportion fell to 50.5% from 58%.

Kaiko pegged the changes to Binance’s decision to end a promotion that scrapped trading fees. “Offshore markets have become less concentrated, with smaller exchanges gaining momentum as trade volumes recovered,” the company’s analysts wrote in a note.

Platforms like Bybit and OKX have expanded their footprints in regions such as Asia, while Binance has been grappling with the fallout of legal issues. The company and its co-founder Changpeng Zhao pleaded guilty to US anti-money laundering and sanctions violations in November last year.

Bybit’s share of non-US Bitcoin trading reached 9.3% over the past year, up from 2%, according to Kaiko. OKX accounts for 7.3% currently, up from 3%. 

Binance has been trying to rebuild its reputation while operating under the watchful gaze of US regulators. Under new boss Richard Teng — a former regulator in Singapore — the exchange has tightened token listing rules and appointed a board of directors. 

The digital-asset industry as a whole has benefited from a fourfold jump in the Bitcoin price since the start of last year. The rebound from a 2022 rout took the token to a record high of $73,798 last month, catalyzing trading volumes. Bitcoin was steady at $66,357 as of 8:20 a.m. in London on Tuesday.

--With assistance from Low De Wei.


This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services
Real Time Analytics