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Highlights
- Binance's global Bitcoin trading share drops as rivals like Bybit and OKX expand.
- Security breach hits Binance Labs-backed DeFi protocol Velvet Capital.
- Industry shifts reflect changing competitive dynamics in cryptocurrency trading landscape.
Binance, once dominating the landscape of global Bitcoin trading, is now witnessing a decline in its market share outside the US, according to insights from research firm Kaiko. This shift comes amidst a series of challenges facing the exchange, including the cessation of fee promotions and legal entanglements.
As a result, competitors like Bybit and OKX are capitalizing on the opportunity to expand their foothold, particularly in key regions like Asia. With new leadership at the helm and heightened regulatory scrutiny, Binance is in the process of rebuilding its reputation in the industry. However, the impact of these changes is not isolated, as the overall growth in the digital asset industry, driven by the meteoric rise in Bitcoin’s price, further complicates Binance’s market dynamics.
Rival Exchange Gains Ground in Non-US Bitcoin Trading
The emergence of competitors such as Bybit and OKX marks a significant shift in the landscape of non-US Bitcoin trading. Kaiko’s research indicates a notable increase in market share for these platforms, with Bybit’s share soaring from 2% to 9.3%, and OKX experiencing a surge from 3% to 7.3%.
In response to this trend, Binance is actively adjusting its strategies to navigate the evolving competitive landscape. Moreover, the recent security breach affecting Binance Labs-backed Velvet Capital has further shown in recent events the changing dynamics within the market, prompting heightened vigilance among industry participants.
Also Read: Ripple Files Opposition, Agrees to Pay $10M In Penalty To US SEC
DeFi Protocol Backed by Binance Labs Faces Security Breach
Velvet Capital, a DeFi asset management protocol supported by Binance Labs, has been rocked by a security breach. The incident, which targeted the platform’s front end, prompted an immediate shutdown of the website for maintenance and investigation.
https://x.com/realscamsniffer/status/1782617804916805645?s=46
Vasily Nikonov, the founder of Velvet Capital, took to Telegram to notify users of the situation, assuring them that a comprehensive post-analysis report will be issued once the matter is resolved. As the investigation unfolds, the breach is being closely monitored by Web3 anti-fraud platform ScamSniffer, highlighting the broader efforts within the DeFi ecosystem to address and mitigate security vulnerabilities.
Also Read: BlackRock Bitcoin ETF IBIT Enters Top 10 ETF List With Longest Inflows
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