Binance Reaches $4.3 Billion Agreement with US Department of Justice - Latest cryptocurrency news

Binance Reaches $4.3 Billion Agreement with US Department of Justice

Binance has reached a $4.3 billion agreement with the US Department of Justice. This agreement was related to money laundering investigations. However, despite the agreement, Binance’s market share has declined according to Kaiko Research. On the other hand, other cryptocurrency exchanges have shown an increase in their market shares.

Due to the legal issues faced by Binance, Coinbase has experienced a significant increase in its trading volume, especially during non-US trading hours. Additionally, Coinbase’s shares reached their highest level in the past 18 months following Binance’s legal problems.

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Another cryptocurrency exchange, Bybit, has also experienced significant changes in its market share. According to the research firm, Bybit has become a significant winner by increasing its market share by over 20% in 16 out of the past 24 hours.

Despite the legal issues and decline in market share, Binance has managed to maintain its liquidity in all cryptocurrencies. According to Kaiko Research’s report, although Coinbase’s market share has increased, Binance remains the liquidity leader for both BTC and altcoins.

Some industry leaders view Binance’s agreement with the US Department of Justice as a positive development for the crypto world. Mike Novogratz, the founder and CEO of Galaxy Digital, believes that the legal actions against Binance are positive for the cryptocurrency industry and that Binance has made itself less risky in many aspects.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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