Rivals Set Sights on Binance’s Dominance in Worldwide Bitcoin Trading

Historically a key player in the global Bitcoin trading scene, Binance is facing dips in its international market dominance, per insights from Kaiko, a research entity. The downturn is evident amidst a slew of hurdles for the exchange, such as the halt of free trading incentives and various legal conflicts.

Seeing the opening, exchanges like Bybit and OKX are extending their influence, especially in strategic regions like Asia. Binance, under new executive stewardship and increased regulatory attention, is striving to reestablish trust within the sector. Nonetheless, Binance’s journey is complicated by the industry’s explosive growth, spurred by Bitcoin’s value spike, impacting the trading environment overall.

Competing Platforms See Rise in Bitcoin Trading Share Outside USA

Competitors such as Bybit and OKX are stepping up, transforming the Bitcoin trading domain outside the US. According to Kaiko’s findings, there’s been a marked uptick in these platforms’ market presence, with Bybit climbing from 2% to 9.3% and OKX leaping from 3% to 7.3%.

To counter this movement, Binance is revising its strategic approach to remain competitive. The recent security issue plaguing Binance Labs-endorsed Velvet Capital underscores the shifting market parameters, prompting increased caution among those in the crypto sphere.

Also Read: Ripple Files Opposition, Agrees to Pay $10M In Penalty To US SEC

Security Incident Strikes Binance Labs-Supported DeFi Protocol

A security incident has impacted Velvet Capital, a DeFi protocol endorsed by Binance Labs. The breach, intent on the project’s interface, prompted a swift deactivation of the site for inspection and repairs.

https://x.com/realscamsniffer/status/1782617804916805645?s=46

In response, Velvet Capital’s creator, Vasily Nikonov, informed the community via Telegram about the breach, ensuring a thorough inquiry report will be shared post-resolution. ScamSniffer, a Web3 security tracking service, is closely observing the breach as part of a wider initiative to confront and minimize security risks in the DeFi sector.

Also Read: BlackRock Bitcoin ETF IBIT Enters Top 10 ETF List With Longest Inflows