Binance alone accounted for about half of all trading volume, though its market share fell to 40% by December 2023 and has been declining since December 2022.
ESMA’s research indicates that about 90% of cryptocurrency transactions are processed by just 10 exchanges, with Binance, the largest among them, commanding half of the market.on April 10, comes as the European Union prepares to implement MiCA, the world’s first extensive regulatory framework for crypto assets.
ESMA said the concentration is a concern because a single asset or exchange failure could broadly impact the crypto ecosystem. The authority said in its report: However, over time, this concentration has grown. In 2019, it stood at 54%, and as per ESMA’s latest data, it has surged to 73%.The report also highlights that the euro has a limited presence in cryptocurrency trading despite the announcement of the MiCA regulation. However, as it is intended to enhance investor protection, it could constitute a potential growth driver once implemented in 2024.
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