Throughout 2023, Binance has seen a drastic decrease in its market share due to a variety of regulatory challenges and leadership flux. What began as a mammoth 55%, the crypto exchange saw its figures drop down to 30% by the end of the year. Reports also revealE that its monthly spot trading volume had diminished by a whopping 70% in January when compared to September’s figures. Although noted boost occured in September, its market presence remained impacted by the transformed trajectory.
Behind the helm of its founder and CEO, many had placed their faith in the crypto company. However, Zhao’s eventual resignation following a legal investigation from the US Commodity Futures Trading Commission (CFTC) resulted in both criminal charges as well as hefty resolvement payments. On top of that, the company had to settle with both the Justice Department and the Treasury, further subtracting legitimacy from the business.
Today, few know of Binance’s next direction and where its volume concerns may settle to. Although its financial allotments have soothened the edges of its predicament to an extent, the uncertainty of the new venture will take investors on an electric journey persging to a new apex.
