Binance Marketshare at Lowest Point Since The Beginning Of 2023

According to data from The Block’s data dashboard, Binance, the world’s largest cryptocurrency exchange, is experiencing a decrease in market share as several executives depart from the company.

Sources reported to Fortune that top officials, such as general counsel Han Ng, chief strategy officer Patrick Hillmann, and SVP for compliance Steven Christie, resigned from their positions this week due to CEO Changpeng Zhao’s handling of regulatory investigations into the firm.

Recently, Binance has experienced a decline in its market share among global exchanges, leading to some exits. In January, the company held 72% of the market share, but it has now fallen to just over 58%.

These figures only include spot trade volumes for cryptocurrency exchanges without USD support or USD pairs with insignificant volumes.

Crypto exchange Binance is under investigation by local authorities in France over the alleged illegal provision of crypto services and “aggravated money laundering.”

This morning, Le Monde reported that Binance has been under “preliminary investigation” by the financial judicial investigation service in Paris since February 2022.

The Parisian public prosecutor’s office has confirmed the report, according to Le Monde.

The investigation concerns the alleged “illegal exercise of the function of service provider on digital assets (PSAN), and on the other hand facts of aggravated laundering, by competition with investment operations, concealment, conversion, the latter being carried out by perpetrators of offences who have generated profits,” the report stated.

According to the latest reports, it has been revealed the fact that Binance CEO Changpeng ‘CZ’ Zhao pushed back against speculation on social media. This has been saying that the crypto exchange had been selling BTC.

“Binance have not sold BTC or BNB,” he said Tuesday on Twitter. “We even still have a bag of FTT. It is amazing they can know exactly who sold based on just a price chart involving millions of traders. FUD.”

The comments came as the exchange is embroiled in a legal dispute with the U.S. Securities and Exchange Commission over allegations of major malfeasance and legal violations at its Binance.US unit the regulator argues should result in prohibiting the company from having more business connections in the country.