While the crypto market no doubt suffered a huge blow in 2022, Binance gained more ground, eventually controlling 92% of the bitcoin spot trading volume by the end of the year.
According to a report by CoinDesk, which it based on numbers published by Arcane Research, the exchange platform now shows significant spot market monopoly.
At the beginning of 2022, Binance share of the market was 45% but in June, it removed trading fees, encouraging new users to join its platform. Even more beneficial for it was the spectacular crash of its rival, FTX. With nothing standing in its way, the company became the undisputed leader in bitcoin trading volume.
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The exchange platform also saw increase in other forms of crypto trading and overall, it controlled 66.7% of the crypto market. While Binance has been leading the market for quite sometime, its dominance in 2022 borders on unhealthy monopoly.
The fear among industry experts and analysts is that if the company should fail, it would be difficult for the market to recover because of the amount of trading volume it controls.
Meanwhile, Binance has been doing all it can to assure investors and customers of its reservoir of funds and the safety of their investments. The company recently saw its bid to acquire crypto lender Voyager Digital blocked by the SEC, which cited antitrust issues.
Apart from its SEC acquisition woes, the company is facing scrutiny from the the U.S. Justice Department over compliance with anti-money laundering laws and sanctions.
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