Coinbase, Binance enjoy market share gains after FTX demise
Coinbase and Binance have seen a bump in market share following FTX’s collapse.
Coinbase’s share of the fiat exchange market has nearly doubled, up to 40% from 22.8% in September.
The Block tracks spot market share for cryptocurrency exchanges with fiat support. Only the largest exchanges with trustworthy reporting of exchange volume metrics are included.
Binance’s market share for crypto-only exchanges rose to 87% in December from 82.7% in September before the demise of FTX, according to The Block’s data.
Disclaimer: Beginning in 2021, Michael McCaffrey, the former CEO and majority owner of The Block, took a series of loans from founder and former FTX and Alameda CEO Sam Bankman-Fried. McCaffrey resigned from the company in December 2022 after failing to disclose those transactions.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Adam Morgan McCarthy
