Binance’s Grip on Crypto Loosens as Market Crash Rattles Faith

Binance Holdings Ltd. once controlled crypto trading to a degree that would be unthinkable in traditional markets.

The exchange’s dominance deepened after rival FTX collapsed in 2022, with Binance at its peak commanding 77% of global Bitcoin spot volume and 76% in crypto derivatives, according to data from Kaiko and CoinDesk.

That grip on the market is now eroding.

Binance’s share of Bitcoin spot trading has fallen to 27% as of February, according to Kaiko. Across all tokens, it has dropped from 52% to 32%. In derivatives — its most profitable business — the decline has been similarly steep, with ...