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Brazilian Central Bank Targets Crypto Regulation Proposal to be Completed by End of 2024
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Brazilian Central Bank Targets Crypto Regulation Proposal to be Completed by End of 2024
As previously reported, Binance, once a dominant force in the crypto exchange space, has seen its market share drop significantly over the past year.
The company's involvement in multiple regulatory investigations, coupled with the departure of its CEO and founder, Changpeng Zhao (CZ), has resulted in a significant decline in its market dominance.
According to CCData, Binance's market share fell to 30.1% in December, a significant drop from the 55% it had at the start of the year.
Monthly spot volume on the stock exchange also fell from USD 474 billion or the equivalent of IDR 7,280 trillion (assuming an exchange rate of IDR 15,360 per US dollar) to USD 114 billion or the equivalent of IDR 1,751 trillion between January and September, down more than 70%.
Binance's participation in various regulatory investigations resulted in a series of settlements, including an agreement worth USD 4.3 billion or the equivalent of IDR 66 trillion with the United States Commodity Futures Trading Commission (CFTC) in November.
Similar agreements have been reached with the United States Departments of Justice and Treasury. Regulatory challenges also caused several high-level executives to leave the organization, adding to the company's tumultuous year.
Despite losing market share, Binance's monthly trading volume has started to recover since September. The exchange's trajectory at the end of the year was influenced by settlement agreements and leadership changes. Despite its much lower spot trading market share, Binance remains the largest crypto exchange.
According to CCData, OKEx increased its market share to 8% in December from around 4% at the start of the year, securing second place behind Binance. When spot and futures trading are combined, OKEx's market share rises to 21%, while Binance's falls to 42%.
Brazilian Central Bank Targets Crypto Regulation Proposal to be Completed by End of 2024
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