It is no secret that Binance benefits from FTX\u2019s insolvency. After the second largest exchange in the world went belly up, other exchanges had to divide FTX\u2019s market share among themselves.<\/p>\n
And that Binance is one of the biggest winners now seems to be confirmed by recent data. The Block claims that Binance now has a 75% market share on the spot market, 8.5 times more than the second Coinbase.<\/p>\n
Binance now represents 75% of all exchange volume, and almost 8.5x that of the second (Coinbase)<\/p>\n
Good or bad for the ecosystem? pic.twitter.com\/ykPisGn3W2<\/a><\/p>\n \u2014 Mario Nawfal (@MarioNawfal) November 30, 2022<\/a><\/p>\n\n The chart is based on CryptoCompare data and shows that total volume for the month was $642.7 billion. Binance\u2019s share of the yet-to-be-completed month of November reportedly equates to $481.7 billion.<\/p>\n However, there are discrepancies with other data providers. Their data doesn\u2019t find a massive dominance by Binance.<\/p>\n Coinmarketcap<\/a>, which was acquired by Binance in April 2020, shows that the exchange currently has $12.5 billion in daily trading volume. It is followed by Coinbase Exchange with $1.5 billion dollars, Kraken with $626 million and KuCoin with $495 million.<\/p>\n With a total volume of $44.985 billion over the past 24 hours, this only calculates to a much healthier 27.8% market share for Binance.<\/p>\n CoinGecko, on the other hand, tracks 544 crypto exchanges with a total 24-hour trading volume of $59.5 billion. Binance\u2019s market share is actually only 21.7% based on this figure. However, both data providers only provide daily volumes and thus not a complete picture.<\/p>\n Binance Is In The Crosshair Due To Other Reasons<\/p>\n Regardless of the discussion about Binance\u2019s market supremacy, the exchange is in the crosshair of critics due to other reasons. One of the harshest critics<\/a> is Bitcoin analyst Dylan LeClair.<\/p>\n As he notes, BNB has made 9x in two months during the bull run with barely a retrace, 10x versus BTC since 2021. \u201cMust be a new paradigm,\u201d LeClair wrote and shared the following chart.<\/p>\n Source. Twitter<\/a><\/p>\n The analyst drew comparisons to FTX<\/a> and commented ironically; \u201cI\u2019m sure it was retail that sent BNB 10x in two months. Same with FTT, right?\u201d, and shared a chart of FTT and BNB with a similar price trend.<\/p>\n \u201cIt definitely wasn\u2019t the exchange operator with an incentive to drive up the price of their own token to create a feedback loop of attention, hype, and more users\u2026. Definitely not,\u201d LeClair further commented.<\/p>\n He argues that the outperformance against \u201ceverything\u201d is significant, and one should wonder what the reason is.<\/p>\n Who is supporting this market (we know), and do they have infinite money? [\u2026] Think of some alts that outperformed this bull run? SOL (Alameda leverage and fraud), AVAX (3AC), LUNA (perpetual motion machine), etc.<\/strong><\/p>\n To support his conjecture, LeClair also looked at the volume side profile for BNB\/BTC spot market and BNB\/USDT perpetual swaps (leverage) on Binance. He found a striking disparity.<\/p>\n Source Twitter<\/a><\/p>\n While Binance CEO Changpeng Zhao (CZ) said the exchange never uses leverage, users are encouraged to do so by means of various offers on Binance, according to the claim.<\/p>\n Also, CZ reiterated after the FTX collapse that Binance has never used its BNB token as collateral and has never taken on debt. LeClair only commented, \u201cCZ my man, I really hope you\u2019re telling the truth.\u201d<\/p>\n Jack Dorsey And Others Also Express Criticism<\/p>\n Remarkably, Twitter co-founder and former CEO Jack Dorsey took a stand on the matter, commenting: \u201cAll made up.\u201d Dorsey is known as a Bitcoin proponent, but his statement is vague.<\/p>\n His only other comment on the subject was a response to \u201cBitcoin, not shitcoin\u201d with \u201cyes,\u201d leaving the community in the dark as to whether he supports LeClair\u2019s theses.<\/p>\n All made up<\/p>\n \u2014 jack (@jack) November 29, 2022<\/a><\/p>\n\n Renowned on-chain analyst Willy Woo also expressed<\/a> cautious criticism of Binance, specifically on its Secure Asset Fund for Users (SAFU):<\/p>\n SAFU is misleading marketing. It was boosted to \u201c$1 billion,\u201d but if you look at it closely and factor out the correlated impact of BNB and to a lesser extent BTC, the fund is really only good for 0.5% of the $68 billion in assets on Binance. This is not hate, it is informing the public.<\/strong><\/p>\n At press time, BNB was down 0.9%, while BTC experienced a small surge and posted a daily gain of 2.5%.<\/p>\n BNB trading at $300.70, 4-hour-chart. Source. TradingView<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n It is no secret that Binance benefits from FTX\u2019s insolvency. After the second largest exchange in the world went belly up, other exchanges had to divide FTX\u2019s market share among themselves.<\/p>\n And that Binance is one of the biggest winners now seems to be confirmed by recent data. The Block claims that Binance now has a 75% market share on the spot market, 8.5 times more than the second Coinbase.<\/p>\n Binance now represents 75% of all exchange volume, and almost 8.5x that of the second (Coinbase)<\/p>\n Good or bad for the ecosystem? pic.twitter.com\/ykPisGn3W2<\/a><\/p>\n \u2014 Mario Nawfal (@MarioNawfal) November 30, 2022<\/a><\/p>\n The chart is based on CryptoCompare data and shows that total volume for the month was $642.7 billion. Binance\u2019s share of the yet-to-be-completed month of November reportedly equates to $481.7 billion.<\/p>\n However, there are discrepancies with other data providers. Their data doesn\u2019t find a massive dominance by Binance.<\/p>\n Coinmarketcap<\/a>, which was acquired by Binance in April 2020, shows that the exchange currently has $12.5 billion in daily trading volume. It is followed by Coinbase Exchange with $1.5 billion dollars, Kraken with $626 million and KuCoin with $495 million.<\/p>\n With a total volume of $44.985 billion over the past 24 hours, this only calculates to a much healthier 27.8% market share for Binance.<\/p>\n CoinGecko, on the other hand, tracks 544 crypto exchanges with a total 24-hour trading volume of $59.5 billion. Binance\u2019s market share is actually only 21.7% based on this figure. However, both data providers only provide daily volumes and thus not a complete picture.<\/p>\n Binance Is In The Crosshair Due To Other Reasons<\/p>\n Regardless of the discussion about Binance\u2019s market supremacy, the exchange is in the crosshair of critics due to other reasons. One of the harshest critics<\/a> is Bitcoin analyst Dylan LeClair.<\/p>\n As he notes, BNB has made 9x in two months during the bull run with barely a retrace, 10x versus BTC since 2021. \u201cMust be a new paradigm,\u201d LeClair wrote and shared the following chart.<\/p>\n Source. Twitter<\/a><\/p>\n The analyst drew comparisons to FTX<\/a> and commented ironically; \u201cI\u2019m sure it was retail that sent BNB 10x in two months. Same with FTT, right?\u201d, and shared a chart of FTT and BNB with a similar price trend.<\/p>\n \u201cIt definitely wasn\u2019t the exchange operator with an incentive to drive up the price of their own token to create a feedback loop of attention, hype, and more users\u2026. Definitely not,\u201d LeClair further commented.<\/p>\n He argues that the outperformance against \u201ceverything\u201d is significant, and one should wonder what the reason is.<\/p>\n Who is supporting this market (we know), and do they have infinite money? [\u2026] Think of some alts that outperformed this bull run? SOL (Alameda leverage and fraud), AVAX (3AC), LUNA (perpetual motion machine), etc.<\/strong><\/p>\n To support his conjecture, LeClair also looked at the volume side profile for BNB\/BTC spot market and BNB\/USDT perpetual swaps (leverage) on Binance. He found a striking disparity.<\/p>\n Source Twitter<\/a><\/p>\n While Binance CEO Changpeng Zhao (CZ) said the exchange never uses leverage, users are encouraged to do so by means of various offers on Binance, according to the claim.<\/p>\n Also, CZ reiterated after the FTX collapse that Binance has never used its BNB token as collateral and has never taken on debt. LeClair only commented, \u201cCZ my man, I really hope you\u2019re telling the truth.\u201d<\/p>\n Jack Dorsey And Others Also Express Criticism<\/p>\n Remarkably, Twitter co-founder and former CEO Jack Dorsey took a stand on the matter, commenting: \u201cAll made up.\u201d Dorsey is known as a Bitcoin proponent, but his statement is vague.<\/p>\n His only other comment on the subject was a response to \u201cBitcoin, not shitcoin\u201d with \u201cyes,\u201d leaving the community in the dark as to whether he supports LeClair\u2019s theses.<\/p>\n All made up<\/p>\n \u2014 jack (@jack) November 29, 2022<\/a><\/p>\nOther Data Providers Do Not Agree<\/h2>\n
Other Data Providers Do Not Agree<\/h2>\n