Binance Reportedly Lays Off Over 1,000 Employees

Previously, the market share of Binance, the world’s largest cryptocurrency exchange, and its United States (US) affiliates have shrunk this year, as they resist attacks from a regulatory crackdown.

Last month, Binance was hit by a lawsuit by the US Securities and Exchange Commission for allegedly violating regulatory rules, pushing its global market share to 52 percent from 60 percent at the start of the year, according to data firm Kaiko. This means Binance’s market share has fallen by 8 percent since early 2023.

Binance had started losing market share in March following its move to end no-fee transactions for several trading pairs, said an analyst at Kaiko, Dessislava Aubert.

“Binance’s market share has moved to various crypto exchanges with Bybit and OKX being the best,” said Aubert, quoted from Channel News Asia, Saturday (8/7/2023).

Binance US, an independent Binance partner, had seen its US market share slump to 0.9 percent on June 26 from more than 22 percent in April after the exchange gave its customers a June 13 deadline to withdraw their dollar funds as the SEC asked courts to freeze its assets.

Bucking the trend, Coinbase’s US market share jumped in June to 55 percent from 48.4 percent, as the exchange was named a watchdog partner by Fidelity and other asset managers in proposing spot bitcoin ETFs.

Overall spot crypto volume slumped in the second quarter to the lowest level since 2020, Kaiko said, even as bitcoin rallied towards the end of the quarter to reach a one-year peak of USD 31,458 or equivalent to Rp. 474.4 million in a spate of proposals from major asset managers including BlackRock. sentiment lifted.

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