Binance's market share fell from 60% to 54% since October. This 6% decrease coincided with regulatory challenges.
So basically it means that the exchange benefited from Binance's regulatory troubles.
On November 21, 2023, U.S. officials announced a $4.3 billion settlement with Binance. This was for Anti-Money Laundering violations.
In June 2023, the SEC sued Coinbase and Binance for alleged securities violations. The SEC boldly claimed Binance and its founder misappropriated user funds.
Bybit introduced zero-fee trading for USDC in February 2023. This may have contributed to increased trading volume.
Bybit's average fees are competitive with Binance and OKX. These are among the lowest in the industry, according to Kaiko. According to Ben Zhou, Bybit's co-founder and CEO, the commitment to competitive fees, a secure platform, and innovative products has resonated with our users. Which reminds us of why we used to love Binance at first, right?
Alexey Bondarev is the Head of Content at Yellow.com, having reported on crypto for the last 10 years. He specializes in in-depth Research and Learn pieces, with a focus on analytical reporting, industry context, and the bigger forces shaping crypto, from the AI era and security technologies to fintech innovation. He believes that everything digital will imminently overcome everything analogue and is working hard to make that come true.
