Binance’s Spot Market Dominance Index Drops to 51%
Cryptocurrency exchange Binance ranks first among trading platforms in terms of crypto transaction volume in the spot market.
However, its share has declined over the past few months significantly, according to Kaiko data. Binance’s spot market share has fallen from 73% to 51%.
In contrast, the OKX platform’s dominance rate has seen an increase from 5% to 9%, whereas Huobi has increased from 2% to 10%.
South Korean crypto exchanges have increased their trading volumes significantly since March.
Binance’s position has been affected by the tightening of cryptocurrency regulation in the US and Europe. As a result, Changpeng Zhao’s trading platform has lost some of its users.