American authorities have launched a war against Binance, the world’s largest cryptocurrency exchange, resulting in a significant drop in market share. The Commodity Futures Trading Commission’s accusations against Binance and CEO Changpeng Zhao have caused a 16% decline in their market share since late March. Kaiko, an institutional-grade blockchain data provider, reported on April 3 that Binance’s global market share slumped in Q1, with the losses being absorbed by Upbit. Moreover, Glassnode reported on April 3 that Binance’s stablecoin BUSD has experienced an exodus, with its supply decreasing by 55% to approximately $7.4 billion since the beginning of the year. Despite the regulatory and market turmoil, Binance still remains the largest centralized exchange in the market, according to the report. There have been rumors on Twitter about Interpol issuing a “Red Notice” for Changpeng Zhao, but CZ cited it as a fake image, fake news, and more FUD.
Binance Fighting FUD Fire
In addition, a law firm representing three American investors filed a $1 billion lawsuit five days after the CFTC action against Binance. Nevertheless, Binance still dominates the crypto market, with a 54% share, according to Kaiko. Upbit is the only exchange among the 17 analyzed to claim a significant share of volume. The excess volume of Binance disappeared when zero-fee trading came to an end, according to the report.
CZ Interpol FUD
Crypto Twitter has been buzzing with rumors that Interpol has issued a “Red Notice” for Changpeng Zhao. CZ, however, responded that it was a fake image, fake news, and more FUD.
