Bybit has become the world's second-largest cryptocurrency exchange. That is official now. And this shift follows Binance's decline in market share due to regulatory challenges.
A June 25 report by Kaiko revealed Bybit's impetuous ascent. "Since October, the exchange's market share has surged from 8% to 16%, surpassing Coinbase in March," the report stated.
What about its competitors? Well, Coinbase's market share increased by only 1% during this period. This occurred despite improved profits and revenue.
Bybit's growth may be linked to Binance's regulatory issues. These problems caused Binance start faltering and to lose some of its market dominance.
Binance's market share fell from 60% to 54% since October. This 6% decrease coincided with regulatory challenges.
So basically it means that the exchange benefited from Binance's regulatory troubles.
On November 21, 2023, U.S. officials announced a $4.3 billion settlement with Binance. This was for Anti-Money Laundering violations.
In June 2023, the SEC sued Coinbase and Binance for alleged securities violations. The SEC boldly claimed Binance and its founder misappropriated user funds.
Bybit introduced zero-fee trading for USDC in February 2023. This may have contributed to increased trading volume.
Bybit's average fees are competitive with Binance and OKX. These are among the lowest in the industry, according to Kaiko. According to Ben Zhou, Bybit's co-founder and CEO, the commitment to competitive fees, a secure platform, and innovative products has resonated with our users. Which reminds us of why we used to love Binance at first, right?