Binance loses market share to crypto exchange rivals after hack
The exchange’s share of trading the asset class fell to its lowest level in at least 12 weeks
Binance has lost market share to competing crypto exchanges following a massive hack, data from analytics firm Kaiko reveals. The exchange's share of trading the asset class dropped to its lowest level in at least 12 weeks, with platforms like OKX, Coinbase, and Kraken gaining ground. Binance accounted for about 42% of the spot trading volume on the market's top-10 platforms, down from around 48% prior to the hack.
Coinbase, OKX, and Kraken all increased their share during this period. Binance suspended withdrawals after the hack, which the FBI attributed to North Korean hackers. As of November 2, Binance held $157 billion in assets, a spokesperson said, citing internal estimates that factor in the impact of the hack, subsequent withdrawals, and price fluctuations.
The platform restored withdrawals on Sunday, but customers have pulled a net $5.6 billion, about 3.5% of Binance's total assets. Immediate pressure from the hack appears to be easing, with deposits beginning to exceed withdrawals. OKX's market share rose to about 14% in the past week, while Coinbase's grew to 9.6%.
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