Binance processes 92% of all bitcoin transactions

The cryptocurrency exchange Binance currently holds a leading position in the spot market. According to a report by Arcane Research, approximately 92% of bitcoin trading transactions BTC $102,378.53 Bitcoin -1.32% Market capitalization $2.04 trillion VOL. 24 hours $1.61 billion are processed by Чанпен Чжао" href="https://noworries.media/biography/chanpen-chzhao/" data-bio-id="3681">Changpeng Zhao's company. Interestingly, in early 2022, Binance accounted for about 45% of BTC transactions. Industry experts suggest that it was the abolition of transaction fees in June 2022 and the bankruptcy of the main competitor, the FTX crypto exchange, that led to a sharp increase in the number of Binance users.

However, Oanda strategist Edward Moya considers the situation on the spot market to be risky. In his opinion, if Binance gets into a difficult situation, cryptocurrencies may come under significant pressure at any time.

In the second half of 2022, users transferred more than 90,000 BTC from Binance accounts to cold wallets. Nevertheless, Changpeng Zhao urged people to keep cryptocurrency on their personal wallets. The Binance CEO noted: «Self-storage of assets is a fundamental human right. You can do it at any time, but make sure you store your cryptocurrency properly. Familiarize yourself with the technologies and tools for storage, because mistakes can be costly.»

CZ emphasized that the exchange does not use clients' money to generate additional income. «If all clients withdraw funds from our exchange, we will simply close the platform. We have many other profitable business lines,» Zhao emphasized. He also emphasized that we should not expect bitcoin to grow faster than at the end of 2023, as the crypto industry will have to face many more challenges caused by the FTX bankruptcy and its consequences.