Key Points:
Read more: CFTC Vs. Binance Ends: Exchange Agrees To $2.7 Billion Penalty
The regulatory pressure faced by CEXs, including giants like Coinbase and Binance, from agencies such as the SEC and CFTC during Q3 led to a significant drop in CEXs spot trading volume, plummeting to $1.19 trillion, nearly four times lower than the Q2 2021 peak.
Binance, the world’s largest crypto exchange, faced a tough Q4 as its spot market share declined steadily throughout the year. December figures revealed a diminished market share of just 30.1%, down from the 55% recorded at the beginning of 2023.
The regulatory scrutiny, which extended to Binance’s founder and CEO Changpeng “CZ” Zhao, resulted in a staggering 70% decrease in monthly spot volumes from $474 billion in January to $114 billion in September.
However, despite these challenges, the crypto market witnessed a positive turn, driven by Bitcoin‘s recovery to 19-month highs in November. Retail investors eagerly re-engaged in cryptocurrency trading, leading to a surge in CEXs spot trading volume, with increases of up to 100%.
Notable performers in November included OKX, with a 93% surge to $60.3 billion, and KuCoin, experiencing a 109% increase to $27.5 billion, as reported by Finance Magnates.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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