INSUBCONTINENT EXCLUSIVE:
In the year following its $4.3 billion U.S
settlement, Binance has undergone significant changes
The cryptocurrency exchange added 57 million new clients and increased trading volumes by over 50%.However, it also experienced a decline in
market share as smaller platforms gained ground
Leadership saw a major shift with founder Changpeng Zhao (CZ) stepping down after serving a four-month prison sentence.Richard Teng, a
former financial regulator, took over as CEO, bringing a compliance-focused approach to the company
Under new management, Binance implemented several changes.It adjusted supplier relationships, tightened token listing requirements, and spun
off its venture capital arm
In the U.S., the company now operates under the supervision of two court-appointed monitors.Teng aims to onboard the next billion users into
jurisdictions.Binance Gains Users, Loses Market Share After Regulatory Overhaul
resembling a Wall Street bank rather than its libertarian roots
However, this shift has attracted sophisticated institutional investors previously hesitant due to regulatory concerns.To cater to these new
clients, Binance has developed products like crypto wealth management tools and bank-guaranteed accounts for institutional diversification
CCData reports its overall share dropped from 42.7% to 36.6% in September, a four-year low
Spot market share fell to 27%, while derivatives stand at 40.7%.Teng downplays this decline, focusing on attracting new users to crypto
rather than competing with existing platforms
Guilherme Nazar, head of Latin American operations, views compliance as a market differentiator.This year, Binance has invested over $200
million in security and compliance
As Binance navigates this new phase, it faces the challenge of balancing regulatory compliance with innovation while maintaining its core
values in the evolving cryptocurrency landscape.
