Binance and Coinbase Strengthen Market Positions After FTX Collapse

The largest American crypto platform Coinbase and the Binance exchange significantly strengthened their positions after the collapse of Sam Bankman-Fried’s business empire.

The chart below illustrates the evolution of market shares among fiat-to-crypto exchanges.

Coinbase’s share since September has nearly doubled — from 22.8% to 40%.

Among exchanges that only support crypto-asset trading, Binance’s share over the same period rose from 82.7% to 87%.

The OKX share fell from 8.88% to 6%. Shares of Huobi, Gate.io and KuCoin are under 5%.

In mid-December, the daily outflow of stablecoins from Binance reached $3 billion.

Shortly before that, the exchange suspended withdrawals for a number of assets and restricted the accounts of some users due to ‘abnormal price movements in certain trading pairs’.

Earlier, Coinbase CEO Brian Armstrong downplayed the impact of the FTX collapse on the American trading platform. He stressed that the crisis surrounding Sam Bankman-Fried’s business empire was the result of ‘risky business practices’ and ‘misuse of customer funds’.

Read ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analysis.