Binance Records Record-Breaking Spot Trading Volume Amid Legal Challenges

By: Isha Das

In spite of several legal obstacles and a shift in executive leadership, Binance, the world's leading centralized exchange by trading volume, has set new records in trading, as per a recent report. The crypto exchange witnessed its spot trading volume grow to a staggering $427.1 billion in December 2023, marking a 37.5% month-on-month increase and generating an immense $3.8 trillion throughout the year. Despite this strong performance, Binance experienced a decrease in market share from 63.5% to 43.7% over the course of the year.

In November 2023, Binance faced significant legal pressure resulting in a settlement agreement, requiring the company to pay a $4.3 billion fine for alleged financial breaches. This settlement also involved a leadership change with CEO, Changpeng Zhao stepping down and Richard Teng taking over the position. Upbit, South Korea's largest cryptocurrency exchange and OKX followed closely with $687.0 billion and $485.9 billion in trading volumes respectively for the year.

On a related note, Binance is under a lawsuit from families of Hamas victims and hostages claiming that the crypto exchange facilitated the financing of Hamas and other terrorist groups between 2017 and 2023. Despite these tumultuous circumstances, it is notable that Binance Coin (BNB) has managed to keep its position above the $300 threshold, trading at $304.