Binance’s Market Share of Crypto Trading falls to 30% in 2023

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Binance, the world’s largest cryptocurrency exchange by market volume, has seen its spot market share gradually decline over the year as the company faced an array of charges from regulators that eventually claimed its founder and CEO Changpeng “CZ” Zhao.

According to numbers provided by CCData, Binance’s market share so far in December was just 30.1% versus 55% at the start of the year. From January to September, the exchange’s monthly spot volumes declined by over 70% from $474 billion to $114 billion. CCData does note that Binance has begun to see a boost in monthly trading volumes since September even as its market share continued to slide.

The company in November and its now former CEO CZ agreed to pay nearly $3 billion to settle a U.S. Commodity Futures Trading Commission lawsuit. This came alongside separate settlements with the U.S. Department of Justice and Treasury Department.

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