The post These Exchanges Benefited The Most From Binance’s $4.3B Settlement with DOJ: Data appeared on BitcoinEthereumNews.com.

Binance had a rough end of November as its CEO and co-founder – Changpeng Zhao – had to step down from his position after pleading guilty to failing to implement proper AML rules in his company. Binance itself agreed to pay over $4 billion in fines to US authorities without admitting guilt on several counts. Aside from the immediate price effects on the entire industry, and BNB in particular, the decision also harmed investors’ confidence in the exchange. Somewhat expected, a few platforms emerged as the beneficiaries of these developments. Who Benefited? Initial reports after the settlement indicated that the lion’s share of assets previously stored on Binance were transferred to its US rival – Coinbase Pro. In its latest research on the matter, Kaiko reaffirmed this, saying that Coinbase’s market share had increased by 34%. However, another company benefited even more following the settlement – Bybit – as its market share soared by 50% in days. “Bybit is the immediate standout winner, gaining market share in every single hour and growing by more than 20% in 16 out of 24 hours.” Crypto Exchange’s Balances After Binance’s Settlement. Source: Kaiko Nevertheless, Kaiko informed that Binance “remains the leader in liquidity, both for BTC and for altcoins,” despite Coinbase’s rise. This was also indicated by CryptoQuant earlier this week. The on-chain data provider and research resource said Binance saw a 20% decline in its reserves after the settlement deal as the BTC stored on the exchange dropped from 634,000 in May to around 500,000. However, Binance’s dominance over its competitors remains strong in terms of indicators for BTC and several altcoins, such as Dogecoin, according to Kaiko. “Meanwhile, DOGE shows why Binance is still on top. In the past couple of weeks, its spreads have never exceeded 1.5 bps; Bybit’s baseline…

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Filed under: News - @ December 3, 2023 8:00 am