Binance has taken its largest share to date of the market for trading cryptocurrencies after scooping up the majority of the business from defunct rival exchange FTX.
The controversial exchange hosted 55 per cent of the world’s spot crypto trading in January, an increase of seven percentage points since the collapse of FTX in November, according to data from research provider CryptoCompare.
Its advances were made even though Binance, led by Changpeng Zhao, rejected the chance to buy its struggling rival in the days before FTX filed for bankruptcy. Several of FTX’s senior executives including co-founder Sam Bankman-Fried face multiple criminal charges, including wire fraud and conspiracy to commit commodities and securities fraud.
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