Cryptocurrency exchange Binance reached a compromise with the US authorities on November 21 and agreed to pay a fine of $ 4.5 billion. However, Binance founder Changpeng Zhao (CZ) accepted the accusations and resigned from his position as CEO.
According to the data, this turbulent process experienced by Binance enabled rival cryptocurrency exchanges Coinbase and Bybit to come one step ahead.
Commenting on the issue, Kaiko research analyst Riyad Carey pointed out the significant rise experienced by Coinbase's Nasdaq-listed COIN shares in November. COIN appreciated by 69% in the last month, reaching 133 dollars from 78 dollars.
On the other hand, Bybit's market share attracted attention by growing by more than 20% in one day after the Binance news.
Carey said that the developments mean that Binance has lost some market share to Coinbase and Bybit in general, especially during non-working hours in the USA.
