Crypto exchanges are eating into Binance’s share of Bitcoin trading outside the US as overseas expansion efforts and changing regulations reshape the competitive dynamics of the digital-asset industry.
Over the past year, the world’s largest crypto exchange saw its share of such Bitcoin trading drop to 55.3% from 81.3%, according to research firm Kaiko. For smaller tokens known as altcoins, the proportion fell to 50.5% from 58%.
Kaiko pegged the changes to Binance’s decision to end a promotion that scrapped trading fees. “Offshore markets have become less concentrated, with smaller exchanges gaining momentum as trade volumes recovered,” the company’s analysts wrote in a note.
Platforms like Bybit and OKX have expanded their footprints in regions such as Asia, while Binance has been grappling with the fallout of legal issues. The company and its co-founder Changpeng Zhao pleaded guilty to US anti-money laundering and sanctions violations in November last year.
Bybit’s share of non-US Bitcoin trading reached 9.3% over the past year, up from 2%, according to Kaiko. OKX accounts for 7.3% currently, up from 3%.
Binance has been trying to rebuild its reputation while operating under the watchful gaze of US regulators. Under new boss Richard Teng — a former regulator in Singapore — the exchange has tightened token listing rules and appointed a board of directors.
The digital-asset industry as a whole has benefited from a fourfold jump in the Bitcoin price since the start of last year. The rebound from a 2022 rout took the token to a record high of $73,798 last month, catalyzing trading volumes. Bitcoin was steady at $66,357 as of 8:20 a.m. in London on Tuesday.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
