The competition is still strong among the prominent players across the sector of centralized exchanges. In this respect, it is convenient to overlook that the markets of both the derivatives and spot trading are dominated by Binance in terms of the trading volume. The crypto exchange does not have any close competitors. During the previous 24 hours, the exchange witnessed an upsurge of more than fifty-five percent in the cumulative spot volume.
Binance Maintains Its Dominance in the Derivative and Spot Trading Market of Crypto
Just 3 of the crypto exchanges showed above five percent elevation with FTX (indicating 4.5%), Kucoin (showing 4.7%), Coinbase (denoting 5.3%), OKX (signifying 6.1%), and Upbit (expressing 6.1%). The United States-based exchange of Binance additionally outcompeted FTX.US by garnering a 1.4% increase while the other just gained 0.6%. In this respect, Binance contributes up to 50% of the spot market of cryptocurrency.
The same is the case with the trading of crypto derivatives. Binance’s crypto market has accounted for a minimum of nearly 54.4% proportion of the cumulative volume during the previous twenty-four hours. The difference between Binance and the rest of the prominent brands’ statistics in the derivatives market is also similar as the major part of the market is under the crypto exchange’s possession.
OKX occupies just 14% of the derivatives volume to become the 2nd highest player, whereas 10.2% proportion is covered by Bybit to take 3rd place. In the meantime, FTX gets the 4th one at 8.8%. This huge proportion of up to half of the derivatives market counts as a result of the continuous endeavors taken by Binance during some of the previous months. The dominance of Binance in the case of volume is moving in parallel with the growing market share obtained by the sector of stablecoins despite the bear market.
The supply proportion of Binance USD (or BUSD) in the whole market of stablecoins is showing a great increase, setting the latest all-time highs following the decision made by Binance to start converting the rest of the stablecoins to the exchange’s native one in the previous month. In addition to this, Binance is struggling to expand its operations in Europe.
On previous Thursday, it declared that its application for registration has been approved by Cyprus to operate as a platform to provide services related to crypto assets. Formerly, it obtained regulatory approval from 3 other countries in the European region, taking into account Spain, Italy, and France. Apart from that, formerly in October, the crypto exchange received regulatory approval from the authorities of Kazakhstan to open an office in the country’s jurisdiction.
Binance Eliminates a Hacker’s Attempt to Swindle more than 80% of Its Funds
Most Recently, following being assisted by law enforcement agencies, Binance is presently endeavoring to reach the hacker at the back of an attack, as mentioned by Changpeng Zhao (the CEO of the crypto exchange). He mentioned that the platform was able to avoid the hack of nearly eighty to ninety percent of the funds targeted by the malicious actor.
