Small Exchanges Outshine Binance’s Decline in Crypto Landscape!

  • Cryptocurrency exchanges with higher customer risk profiles benefit from Binance’s market share decline after US regulatory charges.
  • Huobi Global and KuCoin, based in the Seychelles, expand their crypto token trading share, including bitcoin and ether, in 2023 according to CCData.
  • CCData’s top-rated exchanges decrease from 80% to around 68%, while Binance drops from 56% to slightly above 40% since the year’s start. US regulatory lawsuits impact traders: Commodity Futures Trading Commission alleges unauthorized access, SEC accuses 13 Binance-related entities of violations and possible mingling of customer funds.
  • Anonymity and trading high-risk funds take precedence for many crypto traders, notes Tom Robinson, chief scientist of Elliptic.
  • In 2023, Huobi boosts market share by 6%, leading non-top-tier exchanges according to CCData.

Cryptocurrency exchanges with elevated customer risk profiles have emerged as the primary beneficiaries amid Binance’s substantial market share reduction over the past five months following US regulators’ charges of federal law violations.

Entities like Huobi Global and KuCoin, headquartered in the Seychelles, have effectively expanded their portion of crypto token trading, encompassing bitcoin and ether, since the commencement of this year, as per insights from industry research specialist CCData.

High-rated exchanges by CCData decreased to about 68% from 80%, while Binance declined from 56% to slightly above 40% since the beginning of the year. Traders’ response to US regulatory lawsuits is evident: the Commodity Futures Trading Commission claimed unauthorized US customer access, followed by the SEC’s June allegations involving 13 Binance-associated entities, including potential mingling of significant customer funds.

Anonymity and trading high-risk funds are prioritized by many crypto traders, says Tom Robinson, chief scientist of Elliptic. In 2023, Huobi increased its market share by 6%, leading exchanges outside CCData’s top tier.

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