BNBUSD: Binance continues to dominate the Crypto Exchange Market

Binance has grown its market share for cryptocurrency exchanges for the fourth consecutive month.

Coinbase is its closest competition in terms of volume, but it is well behind.

Binance has just received authorisation to acquire the assets of the defunct cryptocurrency exchange Voyager.

Kanchanara / Unsplash

Recently, Binance has been on something of a tear. After the collapse of FTX in November (which some believe Binance CEO "CZ" may have played a role in), one of its primary competitors had been removed from the market, allowing Binance to gain significant market share. Binance, the largest cryptocurrency exchange in the world, appears to be thriving despite having to overcome some regulatory obstacles.

Binance domination

From January to February of this year, Binance's spot trading market share increased from 59.4% to 61.8%, representing the fourth consecutive month of growth. In the same time frame, its spot volume increased by 13.7%, setting a new all-time high of $504bn. The platform's closest competitor in terms of spot trading is now the United States-based Coinbase with $39.9bn, which does not appear to represent much of a threat to Binance for the time being.

Regulatory scrutiny

The Securities and Exchange Commission (SEC) has been scrutinising Binance's US subsidiary, Binance US, for marketing what it believes to be unregistered securities. Notwithstanding regulatory worries, customers may feel more at ease trading on Binance due to its high trading volume and relatively secure capitalization. A judge has just determined that the SEC's worries surrounding Binance's proposed acquisition of the assets of collapsed cryptocurrency broker Voyager are unfounded, which is good news for former customers of the company.