Binance US Branch Shares Rise 24% Despite CFTC Targeting The Exchange
According to a recent estimate, Binance lost 16% of its market dominance in the first quarter of 2023. According to the story, the drop was caused by the CFTC lawsuit and the firm’s choice to discontinue its free trading program. While Coinbase’s shares have dropped nearly 49%, Binance US shares have increased 24%. The top cryptocurrency exchange has lost nearly 16% of its market share of transaction activity in the two weeks following the CFTC’s case against the exchange.
The US Commodity Futures Trading Commission (CFTC) accused this platform and its CEO Changpeng Zhao of engaging in financial operations without appropriate registration since 2019. The platform also stated that, while Binance remains one of the biggest platforms in the world, with a 54% market share, it experienced a significant drop in market share in the first quarter of 2023. Chinese reporter Collin Wu posted a message on his official Twitter page Wu blockchain mentioning the exchange’s loss: According to Kaiko, after the CFTC launched a lawsuit and the firm discontinued most zero-fee operations, Binance lost 16% of its spot market share to 54%, but only lost about 2% of its perpetual contract market share.
Source
https://t.me/Bitcoin_Crypto_Coin_Calendar
