‘Low Tier’ Crypto Exchanges Gain after Binance Falters

Regulatory
and legal troubles Binance faced in the United States (and globally) led to a
significant drop in the crypto market giant’s share. Surprisingly, the main
beneficiaries of this situation were not the exchange’s main competitors, but
smaller platforms whose share in total volumes considerably grew since the
beginning of the year.

According
to data presented by CCData, exchanges located in Seychelles, including KuCoin
and Huobi Global, have benefited from Binance’s decline in popularity.

CCData
classifies cryptocurrency platforms based on the minimum acceptable risk
threshold. Riskier exchanges are categorized under ‘low tier’, while those
posing less risk to their clients are labeled ‘top tier’. In establishing these
categories, the crypto data provider considers exchanges’ approach to client
fund protection, safeguarding against hacker attacks, and anti-money laundering
standards.

Exchanges
in the latter category saw their combined market share drop from 80% at the
beginning of the year to 68%. The industry leader, Binance, experienced the
most significant loss during this period. The exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term had a market share of
56% at the start of the year. Now, it has fallen below 40%.