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Market Share Dynamics in Offshore Markets

As offshore markets diversify, Binance’s Bitcoin market share has declined to 55%, while Bybit emerged as a frontrunner with a surge from 2% to 9.3%

Binance‘s dominance in Bitcoin trading outside the U.S. market appears to be shrinking, as its share dropped from 81.3% to 55.3% over the past year as the exchange faced increased competition following the removal of its large-scale Bitcoin zero-fee promotion. According to data from Kaiko, the same trend can also be observed with smaller altcoins, where Binance’s share declined from 58% to 50.5%.

Analysts at the Paris-headquartered firm attributed the shifts to the growing competition in the market, as smaller exchanges are gaining traction as trading volumes recover. For example, platforms like Bybit and OKX are expanding their presence, especially in regions like Asia, with Bybit’s share of non-U.S. Bitcoin trading surging from 2% to 9.3%, while OKX’s gaining from 3% to 7.3%. Bullish, MEXC, and Bithumb also saw significant increases, the analysts added.

In the meantime, Binance is facing challenges, as its $4.3 billion deal with U.S. regulators imposed certain restrictions on the exchange. Binance COO Noah Perlman earlier noted that the monitoring agreement with U.S. regulators is now posing challenges for the exchange despite viewing the deal as an opportunity for improvement. Perlman says the U.S. now acts as an “authorized referee,” and even though the exchange is “not thrilled to have it,” Binance still considers it “as an opportunity to continue to enhance the programs, procedures we have.”

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The AI legalese decoder can assist in navigating the complex legal language and terms involved in Binance’s $4.3 billion deal with U.S. regulators. By using AI technology, users can quickly decode and understand the legal restrictions and agreements that have been imposed on the exchange. This tool can provide clarity and insight into the regulatory landscape that Binance is facing, helping users make informed decisions and stay compliant with the regulations set forth by authorities.

Furthermore, the AI legalese decoder can also analyze the regulatory challenges mentioned by Binance COO Noah Perlman and provide valuable information on how other exchanges are handling similar situations. By leveraging AI to decode legal documents and agreements, users can stay updated on the evolving regulatory environment and proactively address any compliance issues that may arise.

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