Binance continues to get more popular with Sam Bankman-Fried's FTX out of the picture, despite increased regulatory scrutiny
Binance, the world's largest crypto exchange by trading volume, continues to expand its dominance since FTX collapsed in November., Binance increased its market share for the fourth consecutive month in February, growing to 61.8% from 59.4% in January. In spot volumes, the exchange saw a 13.7% monthly increase to $504 billion, a new record high.
Coinbase was a distant second with trading volume of $39.9 billion, down 29% from the prior month, and Kraken was third with $19.3 billion, down 11%. The rise in popularity comes as global regulators, including the Securities and Exchange Commission, inquire into the business operations of Binance. For example, SEC officials said Binance's US arm may be operating an unregistered securities exchange, though the company denied this claim.
"Despite the recent criticism the exchange has received, market participants continue to take shelter on Binance under the premise that the largest exchange is seen as one of the safer trading venues," Jacob Joseph, an analyst at CryptoCompare, told CoinDesk. Meanwhile, former rival exchange FTX continues to wade through bankruptcy procedures and is effectively out of the picture as far as competition.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Binance’s Proof-of-Reserves System Upgraded To Include 24 Tokens | Binance BlogWe are pleased to announce that we’ve added 11 more tokens, including MASK, ENJ, WRX, GRT, CHR, CRV, 1INCH, CVP, HFT, SSV, and DOGE to our proof-of-reserves (PoR) system, which now shows over $63 billion across 24 assets.
Read more »
Binance NFT adds Polygon network support to its marketplaceBinance NFT marketplace now supports a number of blockchains, including BNB Smart Chain, Ethereum and Polygon network.
Read more »
Binance Earn Launches Range Bound | Binance SupportStart earning rewards during times of low volatility with our new Range Bound product on Binance Earn. Users can set price boundaries for which they feel a token will range in to then potentially earn rewards. Find out more ➡️
Read more »
Sam Bankman-Fried hearing set, but he can stay on West CoastThe federal judge presiding over the case prosecutors brought against FTX founder Sam Bankman-Fried said Tuesday that the cryptocurrency entrepreneur can remain on the West Coast while his lawyers attend a hearing Friday.
Read more »
Fears over Silvergate, $8B hole at FTX, Binance's numbers sought“The free-zone of the future for the companies of the future” according to Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi. Catch up on more memorable quotes from last week on our Hodler's Digest:
Read more »