Kaiko, a provider of cryptocurrency market data, recently announced that Binance's market share has rebounded to nearly 50%, just two months after the crypto exchange settled with the U.S. government. Binance is globally recognized as the largest cryptocurrency exchange in terms of trading volume.
According to data shared by Kaiko, Binance held over 60% of the crypto market share in January 2023. However, following its settlement with U.S. government agencies in November 2023, the company's market share dipped to slightly above 40%. Two months post-settlement, Binance's market share rose to 49.44%.
Rachel Conlan, Binance's Chief Marketing Officer, stated in a post that Kaiko's findings illustrate "A strong signal of our community's trust" in Binance and serve as "a testament to the hard work our team has put in."
On November 21, Binance announced on its website that it had reached a settlement with several U.S. agencies including the Department of Justice (DOJ), the Commodity Futures Trading Commission (CFTC), the Office of Foreign Assets Control (OFAC), and the Financial Crimes Enforcement Network (FinCEN). This resolution addressed its historical compliance issues. The announcement highlighted that these settlements "acknowledge our company’s responsibility for historical, criminal compliance violations, and allow our company to turn the page on a challenging yet transformative chapter of learning and growth." Importantly, Binance emphasized that no allegations were made by DOJ regarding misuse of customer funds or any form of market manipulation.
As part of this resolution, Changpeng Zhao (CZ) agreed to step down from his role as CEO. In a post, CZ expressed that stepping down was "the right thing to do," acknowledging his mistakes and accepting responsibility for them. He further mentioned Richard Teng as his successor, who he described as a "highly qualified leader" set to "ensure Binance delivers on our next phase of security, transparency, compliance, and growth."
Established in 2014, Kaiko specializes in providing cryptocurrency market data, research, and analysis, as stated on its website. It facilitates market participants with access to real-time and historical data. The company is currently led by CEO Ambre Soubiran.