Despite Turbulence, Binance’s Crypto Market Share Grew 2.4% in February
Binance’s spot market share across crypto exchanges increased for a fourth straight month in February.
Binance’s spot market share across crypto exchanges increased for a fourth straight month in February, rising by 2.4% to 61.8%, according to data from CryptoCompare. The increase comes despite recent scrutiny by the US regulators of the world’s largest crypto exchange.
Binance’s Spot Trading Volumes Hit a New All-Time High
Binance’s crypto market share increased by 2.4% in February, marking the fourth consecutive month of growth, according to market data provider CryptoCompare. The world’s biggest exchange’s market share grew from 59.4% in January to 61.8% in February, data showed.
Binance saw its spot trading volumes jump 13.7% to $504 billion, marking an all-time market share for the crypto exchange. Binance’s 24-hour trading volume stands at $15.3 billion, compared to the $1.2 billion belonging to Coinbase, the second-biggest crypto exchange in the world by volume.
“Despite the recent criticism the exchange has received, market participants continue to take shelter on Binance under the premise that the largest exchange is seen as one of the safer trading venues.”
– Jacob Joseph, research analyst at CryptoCompare
Binance Receives a Boost as Court Approves Voyager Acquisition
The increase highlights Binance’s dominance and resilience in the crypto exchange market despite a recent crackdown by the US and global regulators on the company. Last month, the New York state regulator NYDFS ordered blockchain infrastructure firm Paxos to stop issuing new Binance USD (BUSD) tokens due to the risk of the US Securities and Exchange Commission (SEC) viewing the stablecoin as an unregistered security. Coinbase subsequently ceased support for BUSD, claiming it no longer met the exchange’s listing standards.
More recently, an SEC official said last week that Binance’s US unit, Binance.US, is believed to be operating an unregistered securities exchange in the US. Also, the securities commission believes the sale of Voyager’s VGX token breached federal securities laws.
The SEC’s efforts to block the Binance-Voyager deal ultimately failed after the US court approved the $1 billion acquisition on Tuesday. However, the court approval is unlikely to halt the SEC’s legal crusade against Binance, with the securities regulator claiming it discovered multiple flaws in the deal and voiced concerns that the bankruptcy protections could allow Voyager to break securities laws during the restructuring process.
Binance agreed to buy the collapsed crypto broker in December 2022 but the deal received instant regulatory scrutiny, spearheaded by the SEC.
This article originally appeared on The Tokenist
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