Binance’s Bitcoin market share drops by 25% amidst contraction in offshore markets
Binance’s dominance in the offshore Bitcoin market is dwindling, with its market share dropping from 81.3% to 55.3% in the past year. This decline can be attributed to increased competition following the discontinuation of its large-scale Bitcoin zero-fee promotion. The same trend can also be seen with smaller altcoins, where Binance’s share decreased from 58% to 50.5%.
Analysts suggest that the growing competition in the market and the recovery of trading volumes are contributing to these shifts. Smaller exchanges like Bybit and OKX are gaining traction, particularly in Asia. Bybit’s share of non-U.S. Bitcoin trading has surged from 2% to 9.3%, while OKX’s has increased from 3% to 7.3%. Other platforms such as Bullish, MEXC, and Bithumb have also experienced significant growth.
Meanwhile, Binance is facing challenges due to its $4.3 billion deal with U.S. regulators, which has imposed certain restrictions on the exchange. Binance’s COO, Noah Perlman, acknowledges that the monitoring agreement with U.S. regulators is posing difficulties for the exchange. However, Perlman sees it as an opportunity to improve their programs and procedures, despite not being thrilled about the situation.
In other news, the Philippines SEC plans to ban the Binance app from Google and Apple stores. Stay updated with the latest news by following us on Google News.
