The post Crypto Exchanges That Benefitted From Binance’s Troubles appeared on BitcoinEthereumNews.com.

In the last few weeks, the Binance exchange has had to weather a storm, settling with the US Department of Justice (DOJ), alongside other US regulatory agencies, to pay a $4.3 billion fine for breaching US laws on money laundering and sanction violations. In addition, the exchange saw its CEO and one of the crypto’s most prominent personalities, Changpeng “CZ” Zhao, step down from his position.  While Binance has managed to retain its position as the world’s leading crypto exchange, some of its rivals have emerged as beneficiaries of this crisis, thus increasing their stake in an ever-expanding crypto market.  Coinbase, Others Record Gains Amidst Binance Woes Following news reports of Binance’s troubles with the US government, America’s largest crypto exchange, Coinbase has experienced more traction in the last few weeks, emerging as one of the winners in this debacle.  Read Also: Binance To End Support For BUSD Stablecoin In December According to blockchain research firm Kaiko, Coinbase has seen its market stock – COIN – gain by an outstanding 75% in the last month. In addition, the exchange’s market share also increased by 34%.  Interestingly, Coinbase’s share experienced the most growth outside of the US trading hours, recording a significant boost in the trading hours in Europe and Eastern Asia.  Based on the report from Kaiko, as the general bearish market trend comes to a halt, the American exchange is well-poised to benefit largely from the incoming bull market. Aside from Coinbase, Bybit has also emerged as another winner amidst Binance’s regulatory woes. Kaiko reports that the Dubai-based crypto exchange has expanded its footprint every hour post-Binance settlement, culminating in a total market share increase of 50%. In addition, the OKX exchange has also recorded some gains in market share, most notably at the beginning of the trading hours…

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Filed under: News - @ December 2, 2023 5:08 pm