Binance Bitcoin Trading Dominance Slips: Bybit and OKX Gain Ground

Binance Bitcoin Trading Dominance Slips: Bybit and OKX Gain Ground
Table of Contents


  • Binance has seen its non-US Bitcoin market share fall from 81.3% to 55.3% in one year.
  • Platforms like Bybit and OKX have gained ground following the removal of Binance’s zero fee promotion.
  • The company is working to rebuild its reputation and comply with regulations under new management, while facing legal challenges in the US and Canada.

Competition in the cryptocurrency exchange markets is intensifying, and Binance, one of the largest platforms globally, has seen a significant drop in its Bitcoin market share outside the United States.

According to data from Kaiko, its share has decreased from 81.3% to 55.3% in the last year, a notable change that reflects the evolution of the crypto landscape.

This decline is partly attributed to the end of a promotion that eliminated trading fees on Binance.

This move opened space for smaller platforms, such as Bybit and OKX, to increase their presence and gain momentum, especially in Asian markets.

Bybit has seen its share go from 2% to 9.3%, while OKX has increased from 3% to 7.3% in Bitcoin trading outside the US.

However, Binance’s challenges are not just competitive; They also face legal issues in both the United States and Canada.

In November last year, the company and its co-founder, Changpeng Zhao, pleaded guilty to money laundering and US sanctions violations.

This event has marked a turning point in the company’s strategy, which under the leadership of Richard Teng, former regulator in Singapore, is strengthening its regulatory compliance measures and reinforcing its criteria for the inclusion of tokens.

Binance's Dominance in Bitcoin Trading Weakens: Bybit and OKX Advance

Apart from Binance, the growth of the overall digital asset sector has been impressive

The notable rise in the value of Bitcoin, which has seen a four-fold increase since the previous year and recently hit an all-time high of $73,798 last month, has had a significant impact on the cryptocurrency market.

This massive surge has generated renewed interest in investing in Bitcoin and has led to a substantial increase in trading activity across the cryptocurrency industry.

Both large and small exchange platforms have benefited from this growth, as it has boosted transaction volume and generated greater trading opportunities for investors and traders in general.

Despite the challenges and obstacles it faces, Binance continues to play a pivotal role in the cryptocurrency ecosystem.

Its ability to adapt to regulatory changes, rebuild its image and maintain investor confidence will be crucial to its continued success in an increasingly competitive and regulated market.


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