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Binance has seen a massive slump in its trading volume about a week after it agreed to a $4.3 billion settlement with the United States Department of Justice (DOJ).
Placing it in proper perspective, the Binance daily spot volume, as observed by an X user, Magoo PhD, dropped from over $15 billion before the DOJ announced the enforcement action to $5 billion at the time Magoo published his post.
Binance had $15 billion of daily volume before the DOJ announcement. Now they only have close to $5 billion. #Bitcoin
— Magoo PhD (@HodlMagoo) November 26, 2023
However, at the time of writing, the exact Binance spot volume comes in at 292,449 BTC or $10,782,442,596.52, per data from CoinMarketCap. The total assets hosted on the exchange are also valued at $71,513,990,843.71.
Binance Dominance Sustained
Despite the nosedive in its overall volume, Binance remains the largest exchange in the world. While the exchange’s current trading volume reads over $10.78 billion, its nearest rival, OKX, has 59,564 BTC or $2,200,407,317.03, while Coinbase boasts only 36,326 BTC or $1,116,948,726.26.
As a derivatives trading firm, Binance extended its dominance with 1,081,071 BTC or $39,828,495,504.63 traded in the trailing 24-hour period.
Binance far outranks its next rival, OKX, which recorded 456,995 BTC or $16,816,118,454.50. Bybit ranks 3rd in this aspect, with 313,428 BTC valued at $11,534,012,053.62 traded in the futures market.
Unlike many commenters’ assumptions, the DOJ crackdown that lead to the resignation of Changpeng ‘CZ’ Zhao as the firm’s CEO is currently not favoring any rival exchange based on the visible market volume commanded as gleaned from CoinMarketCap.
Way Forward for Binance
The exit of CZ marked the end of an era with a new one beginning with Richard Teng, the company’s new CEO. Richard Teng has expressed his commitment to rebranding the company as a more corporate financial entity with the right structures put in place.
Part of the tasks that lie ahead for Teng is to continue the compliance push that started with CZ and regain trust among users worldwide.