Binance’s Global Market Share Has Dropped 8 Percent Since Early 2023

Previously, Binance crypto exchange Chief Strategy Officer Patrick Hillmann had left the company. This was conveyed via Twitter on Thursday, July 6 2023. Hillmann has joined the world’s largest cryptocurrency exchange in 2021 and became chief strategy officer in October last year.

“It is true that I am leaving Binance,” Hillmann said on Twitter, quoted from Channel News Asia, Friday (7/7/2023), adding he did well.

It remains unclear why Hillmann left Binance, but his move comes at the center of the exchange which is being beset by trouble from regulators around the world.

Last month, US regulators sued Binance and its CEO Changpeng Zhao for allegedly operating a fraudulent web and filed 13 lawsuits in federal court in Washington DC. Binance says it will defend itself vigorously.

Then German regulators have informed Binance they will not grant cryptocurrency storage licenses, as of Thursday, June 29, 2023.

German regulator BaFin issued a statement declining to comment on individual companies due to confidentiality. Binance said it would not share details of the conversation with regulators, but said it would continue to work to meet BaFin’s requirements.

The Belgian market and financial services regulator (FSMA) last month also ordered Binance to stop offering any virtual currency services in the country, adding to the pressure on the world’s largest cryptocurrency exchange.

France is also investigating Binance, which had decided to exit the Dutch market because it was unable to meet registration requirements to operate as a virtual asset service provider.