[Binance loses 25% of Bitcoin market share as offshore market shrinks]
As the global market becomes increasingly competitive, Binance’s Bitcoin market share has dropped to 55%, while Bybit has grown rapidly from 2% to 9.3%. Binance’s dominance of Bitcoin trading outside the U.S. market has dropped from 81.3% to 55.3%, according to Kaiko data, with its market share continuing to decline since the exchange ended its free Bitcoin trading promotion. Likewise, Binance’s share of the other cryptocurrency market also decreased from 58% to 50.5%.
Analysts in Paris pointed out that this change in trend is mainly due to the rapid rise of emerging trading platforms such as Bybit and OKX in regions such as Asia, with Bybit’s market share soaring to 9.3% and OKX increasing to 7.3%. Other exchanges such as Bullish, MEXC, and Bithumb have also seen significant market share gains.
At the same time, Binance is facing regulatory challenges. The exchange’s recent $4.3 billion settlement with U.S. regulators has imposed certain restrictions on its operations. Noah Perlman, chief operating officer of Binance, believes that this regulatory agreement has brought challenges to exchanges, but it is also an opportunity to improve plans and processes. Although this makes Binance feel unhappy, US regulators now act as "authorized referees." character of.
