Journalist<\/p>\n<\/div>\n
\nPosted: November 29, 2023 In a recent announcement regarding changes at Binance<\/a> US, the US arm stressed that it was different from Binance.com. This clarification comes in the wake of the latest developments surrounding the exchange.<\/span><\/p>\n According to Binance US<\/a>, the American branch of the exchange is distinct from its global counterpart. Also, the US arm was not implicated in the indictment faced by the global arm from the Department of Justice (DOJ) and other US regulatory bodies. <\/span><\/p>\n In addition, Binance\u2019s<\/a> CEO, Chanpeng Zhao (CZ), is set to step down as the Chairman of the Board of Directors.\u00a0<\/span><\/p>\n Also, not only is he leaving this role, but he is also transferring his voting rights through a proxy arrangement. The move would signal his disengagement from the governance of the US exchange.<\/span><\/p>\n This decision follows CZ\u2019s guilty plea for failing to maintain an effective anti-money laundering program during his tenure as CEO. There is also an ongoing debate about whether CZ<\/a> should be permitted to travel to the United Arab Emirates while awaiting sentencing.\u00a0<\/span><\/p>\n Also, while Binance<\/a> US was not part of the settlement with the DOJ, it is currently facing a lawsuit filed by the Securities and Exchange Commission. This legal action revolves around an investigation into whether Binance US had backdoor access to control user assets.<\/span><\/p>\n Recent data from Kaiko<\/a> showed a decline in Binance\u2019s market share, a trend attributed to recent developments. At the start of the year, Binance<\/a> commanded a market share of over 60%. <\/span><\/p>\n While this figure gradually decreased over the year, it was around the 50% mark. However, in light of recent events, Binance\u2019s market share has gone below 50% and has struggled to recover. <\/span><\/p>\n This indicates that other exchanges, centralized and decentralized, have successfully captured a portion of the once-dominant market share.<\/span><\/p>\n \ud83d\udcc9 Binance’s market share continues to hover below 50% pic.twitter.com\/uwccy9UBGU<\/a><\/p>\n \u2014 Kaiko (@KaikoData) November 28, 2023<\/a><\/p>\n<\/blockquote>\n Examining the daily timeframe chart reveals that Binance Coin (BNB) has yet to recover from the decline on 21st November. The decline, surpassing 10%, coincided with the announcement of CZ\u2019s indictment and departure from Binance. <\/span><\/p>\n Subsequent to this announcement, the price fell from around $250 to the $230 range.<\/span><\/p>\n
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Binance US separates itself from the global arm<\/b><\/h4>\n
Binance\u2019s market share remains below 50%<\/b><\/h4>\n
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BNB yet to recover from the dip<\/b><\/h4>\n
![\"Binance](\"https:\/\/engamb.sfo2.digitaloceanspaces.com\/wp-content\/uploads\/2023\/11\/29131616\/BNBUSD_2023-11-29_08-06-59-1.png\")
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