It’s no secret that Binance advantages from FTX’s insolvency. After the second largest change on this planet went stomach up, different exchanges needed to divide FTX’s market share amongst themselves.
And that Binance is likely one of the largest winners now appears to be confirmed by latest knowledge. The Block claims that Binance now has a 75% market share on the spot market, 8.5 occasions greater than the second Coinbase.

🚨Binance now represents 75% of all change quantity, and nearly 8.5x that of the second (Coinbase)
Good or dangerous for the ecosystem?
— Mario Nawfal (@MarioNawfal) November 30, 2022

Different Information Suppliers Do Not Agree
The chart is predicated on CryptoCompare knowledge and reveals that whole quantity for the month was $642.7 billion. Binance’s share of the yet-to-be-completed month of November reportedly equates to $481.7 billion.
Nonetheless, there are discrepancies with different knowledge suppliers. Their knowledge doesn’t discover a large dominance by Binance.
Coinmarketcap, which was acquired by Binance in April 2020, reveals that the change at the moment has $12.5 billion in each day buying and selling quantity. It’s adopted by Coinbase Change with $1.5 billion {dollars}, Kraken with $626 million and KuCoin with $495 million.

With a complete quantity of $44.985 billion over the previous 24 hours, this solely calculates to a a lot more healthy 27.8% market share for Binance.
CoinGecko, then again, tracks 544 crypto exchanges with a complete 24-hour buying and selling quantity of $59.5 billion. Binance’s market share is definitely solely 21.7% based mostly on this determine. Nonetheless, each knowledge suppliers solely present each day volumes and thus not a whole image.
Binance Is In The Crosshair Due To Different Causes
Whatever the dialogue about Binance’s market supremacy, the change is within the crosshair of critics as a result of different causes. One of many harshest critics is Bitcoin analyst Dylan LeClair.
As he notes, BNB has made 9x in two months in the course of the bull run with barely a retrace, 10x versus BTC since 2021. “Should be a brand new paradigm,” LeClair wrote and shared the next chart.
Supply. Twitter
The analyst drew comparisons to FTX and commented satirically; “I’m positive it was retail that despatched BNB 10x in two months. Identical with FTT, proper?”, and shared a chart of FTT and BNB with an analogous value pattern.
“It positively wasn’t the change operator with an incentive to drive up the worth of their very own token to create a suggestions loop of consideration, hype, and extra customers…. Positively not,” LeClair additional commented.

He argues that the outperformance in opposition to “all the things” is important, and one ought to surprise what the reason being.
Who’s supporting this market (we all know), and have they got infinite cash? […] Consider some alts that outperformed this bull run? SOL (Alameda leverage and fraud), AVAX (3AC), LUNA (perpetual movement machine), and many others.
To assist his conjecture, LeClair additionally seemed on the quantity aspect profile for BNB/BTC spot market and BNB/USDT perpetual swaps (leverage) on Binance. He discovered a placing disparity.
Supply Twitter
Whereas Binance CEO Changpeng Zhao (CZ) stated the change by no means makes use of leverage, customers are inspired to take action via numerous gives on Binance, in response to the declare.
Additionally, CZ reiterated after the FTX collapse that Binance has by no means used its BNB token as collateral and has by no means taken on debt. LeClair solely commented, “CZ my man, I actually hope you’re telling the reality.”
Jack Dorsey And Others Additionally Categorical Criticism
Remarkably, Twitter co-founder and former CEO Jack Dorsey took a stand on the matter, commenting: “All made up.” Dorsey is called a Bitcoin proponent, however his assertion is obscure.
His solely different touch upon the topic was a response to “Bitcoin, not shitcoin” with “sure,” leaving the neighborhood at midnight as as to if he helps LeClair’s theses.

All made up
— jack (@jack) November 29, 2022

Famend on-chain analyst Willy Woo additionally expressed cautious criticism of Binance, particularly on its Safe Asset Fund for Customers (SAFU):
SAFU is deceptive advertising and marketing. It was boosted to “$1 billion,” however in case you take a look at it carefully and issue out the correlated affect of BNB and to a lesser extent BTC, the fund is admittedly solely good for 0.5% of the $68 billion in property on Binance. This isn’t hate, it’s informing the general public.
At press time, BNB was down 0.9%, whereas BTC skilled a small surge and posted a each day acquire of two.5%.
BNB buying and selling at $300.70, 4-hour-chart. Supply. TradingView

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