https://blockchaining.org/tags/binance/ Recent content in Binance on Blockchaining.org Hugo en-us Sun, 12 Apr 2026 00:00:00 +0000 https://blockchaining.org/2026/04/12/crypto-exchange-consolidation-has-only-just-begun/ Sun, 12 Apr 2026 00:00:00 +0000 https://blockchaining.org/2026/04/12/crypto-exchange-consolidation-has-only-just-begun/ <p>The collapse of FTX in November 2022 was the most consequential single event in crypto exchange history. It destroyed the second-largest exchange by volume, took several billion dollars of customer funds with it, and produced a regulatory response that has fundamentally altered the competitive dynamics of the exchange industry. Three years later, the consolidation that FTX&rsquo;s collapse accelerated is still in its early stages.</p> <p>The exchange industry&rsquo;s structure before FTX was already oligopolistic. Binance, FTX, Coinbase, and a small number of other platforms accounted for the overwhelming majority of spot and derivatives trading volume. What appeared to be a competitive market was, on inspection, a highly concentrated one in which the second-place player&rsquo;s existence owed more to regulatory arbitrage and aggressive fee subsidization than to sustainable competitive differentiation.</p>