Binance Faces Market Share Decline

Recent data from 0xScope indicates that Binance, the largest cryptocurrency exchange in the world, is presently experiencing a decline in market share to 51.2%.

Additionally, prominent entities such as Huobi, Gate, and KuCoin have encountered reductions in their market capitalizations throughout the identical time frame.

The report published on November 6 emphasizes that although Binance has maintained its leading position in the centralized exchange industry, controlling more than 50% of the market, its control has diminished, especially over the past year and the last three months, as evidenced by a 10% decline in trading volume.

In conjunction with the news, there are regulatory investigations and the departures of several senior executives.

Simultaneously, OKX has risen consistently to become the second-largest spot and derivatives exchange, behind Bybit, Bitget, and MEXC.

In contrast, Huobi, now positioned in the third rank alongside Kucoin and Gate, has lagged.

Additionally, Binance announced a massive $194 million Tron (TRX) withdrawal.

The 0xScope report analyzes the activity of deposit addresses on OKX and Binance, concluding that both exchanges maintained an equivalent number of active users.

In contrast, Coinbase exhibits data indicating that historical deposit addresses are no longer being utilized.

Another noteworthy discovery is that despite increasing followers, Binance is experiencing a declining trend on social media, specifically X; in contrast, OKX has experienced a threefold growth in its following.

Despite the report being financed by OKX Ventures, the results do indicate a noteworthy condition of the market.