) trading pairs with multiple fiat currencies and stablecoins largely contributed to the firm’s downfall.
Binance’s market share trading volume amongst the top centralized exchanges fell to 54% by the end of the first quarter. Source:Kaiko explained part of this fall was alleviated by its U.S. arm, Binance.US, which managed to triple its market share over the quarter from 8% to 24%. Kaiko explained that the fall in trading volume figures was influenced mostly by the end of zero-fee spot trading as opposed to the CFTC lawsuit:
The market share fall to 54% comes as Binance was one of the “big winners” of the FTX fiasco which saw its market share in trading volume rise to 65% during the last quarter of 2022:
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