Binance Controlled 92% of Bitcoin Spot Trading Volume at End of 2022: Arcane Research
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A summer move to eliminate bitcoin trading fees and the collapse of rival exchange FTX pushed even more investors to the Binance platform.
The world’s largest crypto exchange, Binance’s market share of bitcoin (BTC) trading volume rose to 92% by the end of 2022, according to Arcane Research.
The exchange’s market share was just 45% at the start of last year, but the elimination of trading fees in June, not to mention the collapse of rival FTX in November, served to push users to Binance.
“No matter how you look at it in terms of trading activity, Binance is the crypto market,” Arcane wrote. “After lifting trading fees for its BTC spot pairs this summer, Binance completely overtook all market share in the spot market.”
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