BUSINESS TIMES SG · 2026-11-03 13:27 UTC

Binance loses market share to crypto exchange rivals after hack

Binance's share of spot trading volume fell to 42% over the past seven days, down from 48% before a US$6.3 billion hack on Oct 29 attributed to North Korean hackers. Rival exchanges OKX, Coinbase, and Kraken gained market share in the aftermath, with OKX rising to 14% and Coinbase to 9.6%. Binance restored withdrawals on Sunday; customers have since withdrawn a net US$5.6 billion (3.5% of assets), but deposits began exceeding withdrawals by Tuesday.

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