Binance's market share falls below 50%, Binance's Chief Strategy Officer: No need to forcefully maintain high market share, more competition is conducive to market development.

After ending its fee promotion campaign, Binance's market share has been declining continuously, a situation that has been widely reported. Recently, Binance's spot market share officially dropped below 50%. Interestingly, Binance's Chief Strategy Officer, when interviewed, still insisted that Binance does not need to aggressively pursue a high market share, and giving the market more room for competition would actually benefit the industry's development.

Binance's Market Share Continues to Decline

According to previous reports, Bloomberg analysis indicated that after Binance ended its fee promotion on March 22, its market share dropped from 73% to nearly 50%. This change is not only due to the disappearance of price advantages but also includes increasing regulatory pressures faced by Binance's operations in the United States.

Following the division of market share by Huobi, OKEx, and Korean exchanges, they have clearly become Binance's main competitors.

Bloomberg Analysis of Exchange Market Share: Binance Declines, Huobi and OKEx Rise as Competitors

Binance's Market Share Officially Drops Below 50%

Foreign media The Block's data seems to differ from Bloomberg's reference to research firm Kaiko. The latter stated that as of May 6, Binance still held a 51% market share, while The Block data showed that Binance's spot market share in April had already dropped to 47.84%.

Last week, Binance's Chief Strategy Officer, Patrick Hillmann, stated in an interview with The Block:

Binance has a high market share, and we feel there is no need to fight for a higher market share. In fact, we want more industry competition, which is good for the market.

A Binance spokesperson also told The Block:

We anticipated that once the zero fee promotion for most BTC trading pairs ended, the market share would decrease. Therefore, we are not worried, and Binance will continue to maintain a high-performance status. Binance's main goal now is to improve existing products, services, and compliance processes to embrace the new era of regulatory certainty.

Since July last year, Binance has been offering 13 zero-fee Bitcoin trading pairs. Currently, only the BTC/TUSD trading pair remains fee-free, but that seems to be another story.

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