Drop in Binance’s Crypto Dominance Boosts Rivals Huobi and OKX

Crypto exchanges Huobi and OKX benefited after rival Binance curbed a zero-fee promotion and shed market share in the spot trading of digital assets, according to data from research company Kaiko.

Binance’s share of spot-trading volumes fell to 51% by May 6 from 73% just before the popular promotion was mostly scrapped on March 22. Huobi’s hit 10% from 2% and OKX’s 9% from 5%. South Korean platforms also saw their share increase, to almost 14% from a little under 8%, the Kaiko figures show.

The shakeup could pose another challenge for Binance’s founder Changpeng Zhao. His business ...