Binance Loses Market Share After Ending Zero-fee BTC Trades

Binance said they saw the drop coming because of their decision to stop free Bitcoin trading. The drop doesn't worry them.

Binance's market share has decreased after stopping zero-free BTC trades. Some new data shows this.

A report by CCData says Binance's market share fell again in April. It's down to 46.3%, the lowest since October 2022.

Binance stopped its promotion with zero fees for most BTC trading pairs. This made the stock go down. Someone from Binance talked to Cointelegraph about it.

The person talking said that Binance wants to help users with new and old stuff. They also want to follow the rules better for the future.

Binance used to control more than half of the market. They had around 57.5%. But now, a report says their share dropped to only 48.1%. This is for spot trading, which is when people buy and sell things directly. The amount of money traded also fell. In April, it was $287 billion.

Tether's market cap has reached a new high. The CEO of Binance believes regulatory caps are the reason.

Coinbase and OKX are not as big as Binance, which takes up the majority of the market. But smaller exchanges like Upbit are doing better than before, with a bigger market share. Upbit had 2.81% market share at the start of 2023, but now has 4.77%.

According to a Binance spokesperson, competition is good for the industry.

Binance is going through some changes. They have decided to stop working in Canada because of new rules.

The company said they had no plans for layoffs, but later on, they announced they'll cut off 20% of their workforce in June. Reports about this surfaced shortly after.

The team behind the Yuan stablecoin has been arrested. WeChat has launched new Bitcoin prices. Hong Kong has implemented new rules for cryptocurrency. Catch up on all the latest news in Asia Express's magazine.