Market share of Binance increases following a $4.3 billion US settlement agreement.
Crypto

Market share of Binance increases following a $4.3 billion US settlement agreement.

Following the resolution of its legal dispute with the US Department of Justice and the payment of a $4.3 billion settlement fine, cryptocurrency exchange Binance has begun to regain its market share in terms of trading volume.Two months after the exchange resolved its legal dispute with US regulators, Binance’s trading volume market share increased to 49%, according to statistics from the crypto research firm Kaiko.The increase comes after multi-year lows while the exchange worked out its legal problems.

Despite having a great start to 2023, Binance’s spot market share was negatively impacted over the year.According to cryptocurrency data provider CCData, the exchange’s spot market share decreased from 55.2% in January 2023 to as low as 34.3% in September of last year.

Data aggregator DefiLlama recorded a higher amount of $3.35 billion in money leaving Binance, while analytics company Nansen reported a net outflow of $2.36 billion in June 2023.Changpeng Zhao, the former CEO of Binance, asserted that the data might not be accurate because outflows are measured as changes in assets under management (AUM) by third-party analytics companies.According to Binance, despite the hits to its market share, it added 40 million new users in 2023.The exchange stated that they had seen growth in their “key services” and that this represented an almost 30% rise over 2022.

In a statement sent to Cointelegraph, a Binance spokesperson said that the exchange is focusing on its users and is moving into a new chapter. They wrote. “At Binance, our focus has always been on putting users at the center of every decision we make. As a result, users can continue to have confidence in our platform as we move into a new chapter of Binance’s story.”

U.S. officials disclosed a $4.3 billion settlement with Binance on November 21.The sum would cover “civil regulatory enforcement actions” by government agencies, such as the Treasury and Commodity Futures Trading Commission (CFTC), according to a news statement from Attorney General Merrick Garland.