TL;DR

• Two weeks ago, 70% of all crypto trading volume took place on Binance. Today, that number is sitting around 54% (that's a fast decline!).

• If you're like us, you might have connected the two most obvious dots: Binance is being accused of fraud by the CFTC, and traders are jumping ship as a result.

• Turns out it was mostly because of Binance ending its 'zero-free trading program,' which meant users were back to paying fees on their Bitcoin and Ethereum trades.

Full Story

Every time a government body makes a move against a crypto company, there're cries of:

"Crypto can't be stopped, it can't be muted - so why even try!?"

Which, from the outside looking in, might appear like a hopeful bluff...but there might actually be some truth to it.

Here's what we're on about:

Two weeks ago, 70% of all crypto trading volume took place on Binance.

Today, that number is sitting around 54% (that's a fast decline!).

If you're like us, you might have connected the two most obvious dots: Binance is being accused of fraud by the CFTC, and traders are jumping ship as a result.

But here's the thing: turns out traders don't really care about that.

The reality is actually a whole lot simpler than that...

What do traders care about? Money baaaaby!

(And we have the data to prove it).

Two weeks ago, Binance ended its 'zero-free trading program,' which meant users were back to paying fees on their Bitcoin and Ethereum trades.

That change alone, took Binance from 70% marketshare to sub 60% - the CFTC case only took it down a few more percentage points.

Ok, now...here's why none of this reeeally matters:

If all centralized exchanges were to be shut down tomorrow - that wouldn't be great - these exchanges act as on/off ramps for folks trading their cash into crypto and vice versa...

BUT! In such a case, traders would just move to decentralized trading platforms.

(Aka trading platforms with no central authority that can be attacked/convinced to shut down).

It's a beautiful thing 🥲