According to information from DeFiLlama, in November of this year, exchange wallets Binance became a source of digital currency outflow totaling $1.6 billion.
The reason for this outflow was investors' concerns about potential issues on the trading platform following the unexpected resignation of Changpeng Zhao from the position of CEO of Binance.
However, the situation on the exchange has become more stable in December, and traders have returned cryptocurrencies to it, totaling $398 million. The new CEO, Richard Teng, assured that Binance is not facing financial difficulties and is ready to fulfill its obligations to investors.
According to CCData, Binance's market share in spot and derivative trading in 2023 has dropped to 55% and 48%, respectively. However, despite this, Binance remains one of the leading platforms for cryptocurrency trading.
Nevertheless, its competitors, such as OKX, Bybit, Coinbase, and Bitget, were able to take advantage of the situation and significantly increase their market share since the beginning of 2023.
It is worth noting that the base asset in the Binance Coin (BNB) ecosystem has grown by 686% over the past three years, according to Bloomberg. However, the decline in the altcoin's value in November is attributed to a general decrease in trust in the cryptocurrency industry.
In addition, the use of BNB has decreased in scale, which also contributed to its price dropping to $243 at the beginning of December.
