Binance alone accounted for about half of all trading volume, though its dominance fell to 40% by December 2023 and has been in decline since December 2022.
The European Securities and Markets Authority (ESMA) has highlighted the highly concentrated nature of crypto trading and the potential risks it poses to the broader financial ecosystem.
The report, released on April 10, comes as the European Union (EU) prepares to implement MiCA, the world’s first extensive regulatory framework for crypto assets.
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.
