Binance Spot Share Drops After Zero Fee Supply Cap

Data from market research firm Kaiko shows that competitor cryptocurrency exchanges Huobi and OKX gained as a result of Binance capping zero-fee promotions and losing market share in the spot trading of digital assets.

Spot trading volume saw a decline in Binance’s market share from 73% to 51%, 10% for Huobi, and 9% for OKX.

Huobi and OKX benefited from the shake-up.

Changpeng Zhao, the founder of Binance, may have further issues as a result of the upheaval given the increasing regulatory pressure his company is facing, particularly in the US.

According to Chichi Lu, the founder of Venn Link Partners, “The crackdown in the US has caused users to become concerned about the safety of their funds, which is why they are diversifying into other centralized exchanges.”

The exchange is currently looking to strengthen its current products and services as well as continue to invest in compliance processes to get ready for a new era of regulatory certainty, according to a representative for Binance, who claims that the decline in market share is not as significant as some models projected.

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