After cryptocurrency exchange Binance reached a major multi-million dollar settlement with US regulators last week, an on-chain data analytics firm reported an increase in Coinbase's market share.
On November 21, Binance and the US Department of Justice (DoJ) reached an agreement of 4.3 billion dollars, resolving accusations related to the fight against money laundering.
However, legal challenges have led to other crypto exchanges seeing an increase in their market share, according to research firm Kaiko Research.
The firm recently published a report That indicates that Coinbase has seen an increase in its trading volume, during the European trading day, outside of normal US trading hours:
โCoinbase share grew the most outside of US trading hours (14-22 UTC), and instead increased in the middle of the trading day in Europe and at the beginning of the trading day in East Asia.โ
Meanwhile, Bybit is reportedly undergoing significant changes throughout the day.
โBybit is the immediate standout winner, gaining market share every hour and growing more than 20% in 16 out of 24 hours,โ the report states.
However, Binance Has Reportedly Maintained Its Liquidity in all cryptocurrencies despite facing legal challenges:
โDespite the growth in Coinbase staking volume, Binance remains the liquidity leader for both BTC and altcoins,โ the report states.
Meanwhile, some industry leaders believe that Binance's settlement with the Department of Justice is a positive for the crypto community.
Related: SEC Faces Another Defeat in Its Recycled Lawsuit Against Kraken
Cointelegraph recently reported that Galaxy Digital's Mike Novogratz believes the recent legal action against Binance is positive for the entire crypto industry.
โI think they are risk-free in many ways. People were worried about dealing with Binance. Now there is much less to worry about,โ she stated.
In more recent news, Cointelegraph reported what Coinbase shares have hit an 18-month high following Binance's legal troubles.
On Nov. 27, Coinbase closed at $119.77, its highest level since May 2022, when it closed at $114.25, according to data from TradingView.
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