Binance Dominates Crypto Exchange Market
• According to new data, the exchange has increased its share of the business from 59.4% to 61.8% month over month.
• Binance’s market share across derivative exchanges grew to 62.9%, the highest monthly market share ever recorded for the exchange.
• Despite the bear market, Binance is intensifying its global expansion efforts and successfully registered as a Financial Service Provider in New Zealand and other countries.
High Trading Volume
CryptoCompare, a provider of crypto market data, revealed that Binance’s spot volumes reached an all-time high with a 13.7% increase to $504 billion in February. Coinbase followed with $39.9 billion traded in February, a 29% decrease from the previous month. Kraken came in third with $19.3 billion traded, down 11%.
Zero-Fee Bitcoin Trading
In July 2022, to celebrate its fifth anniversary, Binance declared zero fees on 13 Bitcoin spot pairs which had a substantial impact on their overall dominance of spot trading volume due to BTC being such a large portion of the crypto market’s trade volume.
Global Expansion Plans
Binance is continuing their global expansion efforts by registering as a Financial Service Provider in France, Spain, Italy and other markets like South Korea and Japan which likely led to an influx of new traders for the exchange thus enhancing its dominance in trading volume even more.
Regulators in the U.S., however are starting to intensify their scrutiny of Binance leading to fear uncertainty and doubt surrounding it but Changpeng Zhao stated that as volume increases their focus will be more on product development and refinement rather than responding to FUD or rumors about regulatory issues faced by them..