• Binance is the world’s largest centralized crypto exchange with a 61.8% market share, an increase from 59.4% in January.
• Zero-fee Bitcoin trading, global expansion efforts and the elimination of fees on BTC trading have helped Binance grow its dominance in trading volume.
• Despite increasing regulatory scrutiny, Binance continues to remain a major force in the crypto exchange market.
Binance Dominates Crypto Exchange Market
Binance has established itself as a dominant force within the crypto exchange market with an increased market share of 61.8%, up from 59.4% in January. This surge can largely be attributed to their introduction of zero-fee Bitcoin trading, global expansion efforts and the elimination of fees on BTC trading which have all resulted in an influx of new traders for the exchange.
Zero-Fee Bitcoin Trading Boosts Volume
In July 2022, Binance celebrated their fifth anniversary by declaring zero fees on 13 Bitcoin spot pairs which created a significant impact on the overall dominance of spot trading volume. Coinbase came in second place with $39.9 billion traded, a 29% decrease from the previous month while Kraken came third with $19.3 billion traded down 11%.
Global Expansion Intensifies
Despite being under increasing regulatory scrutiny, Binance is intensifying its global expansion efforts having successfully registered as Financial Service Provider in New Zealand as well as registering markets like South Korea and Japan among others such as France, Spain and Italy which are likely to have resulted in an influx of new traders for the exchange thereby enhancing its dominance in trading volume according to analysts..
Derivative Exchange Dominance
Binance’s also increased its share across derivative exchanges with 62.9%, being highest monthly market share ever recorded for them while OKX and Bybit followed behind at 14% and 13.3% respectively making it clear that despite rampant FUD against them they remain one of most major forces when it comes to crypto exchanges today .
In conclusion Binance continues to dominate crypto exchange market with its increased market share at 61.8%. This can largely be attributed to their introduction of zero-fee Bitcoin trading, global expansion efforts and elimination or fees on BTC trades resulting influx new traders for them despite many regulatory pressures coming against them .