JAKARTA - Binance, the world's largest crypto exchange, has experienced a decline in market share after being sued by the CFTC last month. At the end of March, the CFTC unleashed attacks on Binance and CEO Changpeng Zhao with a number of accusations. Since then, the company's market share has fallen by 16 percent, according to recent research. On April 3, Kaiko research director Clara Medalie reported that Binance's global market share slumped in the first quarter.
Furthermore, five days after the CFTC action, a $1 billion lawsuit was filed against the company by a law firm representing three American investors. According to institutional-grade blockchain data provider Kaiko, Binance remains the world's largest, with 54 percent dominance. He found that Binance's lost market share had been absorbed by Upbit.
Binance also lost excessive trading volume as the fee-free trading program ended. On April 3, Glassnode reported that there was also an exodus from Binance's BUSD stablecoin. This comes after an enforcement action against its publisher, Paxos, in February. Since the beginning of the year, the supply of BUSD has shrunk by 55 percent to around 7.4 billion US dollars (IDR 110 trillion) today.
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Glassnode also noted that the overall USD value of Binance's reserves has fallen by 45 percent or nearly USD 30 billion (IDR446 trillion), but has stabilized at USD 36 billion (IDR536 trillion) since the FTX incident. However, they concluded that Binance was still weathering the storm. Despite the friction between Binance and regulators, the platform appears to be experiencing a switch from stablecoins and remains the largest centralized exchange on the market.
There were rumors on Twitter that Interpol had issued a "Red Notice" for Changpeng Zhao. A "Red Notice" is a request to law enforcement around the world to find and arrest a person while awaiting extradition, surrender, or similar legal action. However, CZ responded that it was a manipulated image, fake news, and more FUD. This made many people wonder how FUD could start to develop.
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