The dominance of the cryptocurrency exchange Binance in terms of trading volume has decreased over the past two weeks following a lawsuit from the US regulator and its decision to suspend zero-fee trading (since March 15, it has stopped spot and margin trading with zero fees for 13 trading pairs).
Currently, Binance’s market share is 54%, and it has lost 16% of its market share since March 15. However, the trading volume of futures on Binance has hardly decreased. The losses are mainly due to the spot market. Interestingly, Binance’s market share was taken by OKX (with its large assortment of tokens) and the Korean Upbit.
New exchange OPNX and why it should be approached with caution?
OPNX is the brainchild of the ill-fated hedge fund managers behind the bankrupt company Three Arrows Capital, which became one of the most notable victims of the cryptocurrency credit crisis in 2022. Former classmates teamed up with Coinflex CEO Mark Lamb to launch a new venture, essentially by rebranding the CoinFLEX exchange.
