Binance's share of bitcoin spot trading reaches 92% by the end of 2022
In 12 months, the largest cryptocurrency exchange increased its coverage in spot trading volume of the first cryptocurrency by 47%
The market share of the world's largest cryptocurrency exchange Binance in bitcoin spot trading volume has increased to 92% by the end of 2022, CoinDesk reported, citing a report by Arcane Research. According to analysts, the exchange had a market share of 45% at the beginning of last year, but the cancellation of trading fees in June and the collapse of competitor FTX in November pushed users to Binance, its share increased by 47%.
Earlier, a CryptoCompare report showed that Binance's total crypto market share was 66.7% at the end of the year. Coinbase came in second place with a share of 8.2%. Binance has been leading in terms of trading volume for the past few years, but all of these numbers indicate monopoly dominance, the article said.
Cryptocurrency retail trading could "enter a dark age that will take forever to emerge" if Binance fails, said Edward Moya, senior analyst at forex broker Oanda. In his opinion, Binance is too big and it is bad when such a large part of trading is concentrated on any one exchange.
Meanwhile, Binance is expanding its presence in the markets of different countries. In late November, the exchange announced the acquisition of Japanese crypto platform Sakura Exchange BitCoin, in December it was announced that Binance will increase its stake in the Indonesian exchange Tokocrypto to almost 100%, and in early January, Binance completed due diligence and takes the final steps in the acquisition of the Korean platform Gopax.