According to research firm Kaiko’s findings, Binance, which previously held a significant position in global Bitcoin trading, is currently experiencing a decrease in market share outside the US. This development follows a number of challenges for the exchange, including the discontinuation of fee incentives and legal issues.
Due to recent developments, including new leadership and increased regulatory oversight, Binance is working to restore its industry standing. Meanwhile, rivals like Bybit and OKX are seizing the chance to broaden their presence, notably in crucial areas such as Asia. The expanding digital asset sector, fueled by Bitcoin’s price surge, adds another layer of complexity to Binance’s competitive landscape.
Rival Exchange Gains Ground in Non-US Bitcoin Trading
The arrival of new competitors like Bybit and OKX signifies a major change in the Bitcoin trading scene outside of the US. According to Kaiko’s findings, these platforms have gained substantial market share. Bybit’s portion has jumped from a small 2% to a significant 9.3%, while OKX has seen a large increase from 3% to 7.3%.
In reaction to this developing market situation, Binance is proactively adapting its approaches to thrive in the shifting competitive environment. Additionally, the recent hack of Velvet Capital, which is supported by Binance Labs, serves as a reminder of the market’s unpredictability, leading to increased caution among industry players.
DeFi Protocol Backed by Binance Labs Faces Security Breach
A security incident occurred on Velvet Capital, a Decentralized Finance (DeFi) asset management protocol backed by Binance Labs. This breach specifically affected the protocol’s front-end interface, leading to an urgent response from the team. As a result, they temporarily suspended the website for necessary maintenance and investigation.
Vasily Nikonov, founder of Velvet Capital, updated Telegram users about an ongoing issue, promising a detailed analysis report afterwards. Meanwhile, ScamSniffer, a web3 anti-fraud platform, is closely examining the situation as part of broader efforts within Decentralized Finance (DeFi) to tackle security concerns.
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2024-04-23 11:57