Binance, USAIt has lost a quarter of its market share in the last three months after a watchdog in .
Binance is around the world at its peak in February. crypto- It controlled 57.5 percent of the average monthly volume on its exchanges. However, the research provider CCDataAccording to , that rate has now dropped to 43 percent. The sharp decline came after Binance faced tougher trading competition, US regulators further scrutinized its activities, and the free trade promotion ended.
In February, New York regulators released a Binance-branded stablecoin the one which… BUSD stopped its export. BUSD accounted for about 40 percent of the company’s monthly trading volume.
London-based financial services group marexIlan Solot, co-head of digital assets, said:
The end of the BUSD issuance affected the amount of liquidity on the exchange, which increased the pressure on Binance.
weeks later CFTC (Commodity Futures Trading Commission)filed a lawsuit against the exchange, claiming that much of Binance’s reported trading volume and profitability was due to the exchange’s extensive request and access to US customers’ information. Binance denied the CFTC’s claims at the time.
The market share has given customers a lot of money, which triggered growth late last year but ended in March. bitcoin was also affected by the expiration of a promotion offering free trading on the trading pair. Solot said:
When these expired, trading volume naturally fell, which clearly affected their short-term share of the market.
Binance’s falling market share and other crypto exchanges
As Binance’s dominance in the market wanes, OKX, BitMex, Bybit And bullish Other exchanges, such as , have increased their market shares since March.
Binance is said to be planning a layoff, which it says represents a reassessment of whether employees have the right talent and expertise in critical roles.
Binance was founded in 2017 and has grown from a team of 30 to more than 8,000 employees. Patrick Hillmann, the company’s chief strategy officer, described the cuts as a historic operational challenge following the company’s exponential growth over the past five years.
Binance declined to confirm the number of employees that will be affected by the layoffs. Someone familiar with the matter said that Binance has previously cut between 5 and 12 percent of its workforce. According to another person familiar with the matter, recent crypto market conditions also played a role in Binance’s decision to cut staff.
Many crypto companies, like Bitcoin cryptocurrency the value of their units fell by about 70 percent, Celsius Network And FTX It was forced to withdraw due to last year’s industry recession, in which many big names, including Among them coinbase And Cryptocom is also included. These companies have made massive cuts to their workforces.
Binance has announced that it continues to recruit for hundreds of vacancies during the historic downturn in crypto, despite cuts elsewhere. Chief Executive Officer Changpeng Zhao said on Wednesday that the company has implemented a “rock bottom policy where people who don’t fit well are separated.”
You may be interested: US Commodity Administration may change risk rules involving crypto