Binance Maintains Top Spot in Trade Volume Despite 2023 Troubles

Cryptocurrency trading platform Binance remains the cryptocurrency exchange with the largest trading volume despite the tumultuous events that marked its 2023.

According to a chart posted by the crypto educational platform Bitining, Binance currently has 43.8% of crypto exchanges’ trade volume. At the start of 2023, the crypto exchange had 62.3% dominance over the market, indicating a shift in customer preferences.

Conversely, other crypto exchanges have a cumulative share of 56.2%. The figure is a significant increase from the 37.7% recorded at the start of the year. Per the aforementioned chart, the bulk of the market share gain came in the second half of 2023, during a period marked by regulatory woes and increased FUD for Binance.

Last year, Binance, its U.S. subsidiary, and former CEO Changpeng Zhao became subjects of increased regulatory scrutiny. Given that the scars of the FTX collapse were still fresh, speculation of another institutional collapse gnawed away at the crypto exchange’s market dominance.

However, Binance agreed to a $4.3 billion settlement with U.S. regulators after pleading guilty to several allegations. Furthermore, the lawsuit also saw Changpeng Zhao plead guilty to several charges and is due to have his trial this year. Pending that, a court has denied the former CEO’s request to return to his home in the UAE.

Turning to CoinMarketCap, data shows Binance continues to maintain a dominant lead in 24-hour trading volume on exchanges. At the time of press, the crypto exchange has recorded $13.2 billion in trade volume in that period.

Meanwhile, Upbit also saw significant trading activities, with its total volume coming in at $3.1 billion. Elsewhere, Coinbase recorded $2.3 billion, considerably less than Binance’s $13.2B. Kraken saw a trading volume of $930 million in the same period.