🟠 Is Binance Losing Ground? 0xScope’s Annual CEX Report

Binance is losing its footing, while its competitors are gaining momentum.

0xScope’s 2024 report shows that the leading exchange is facing significant challenges.

Other exchanges like Bybit, OKX, and Bitget are actively capturing market share.

🔸 Spot Trading: Binance Loses 13%, Bybit Rises to 2nd Place

Over the past 12 months, the 22 largest exchanges processed $14.6 trillion in spot trading volume.

Binance remains the leader with $5.78 trillion (39.54% market share), but its share has decreased by 13% compared to last year.

In 2023, Binance's share was 52.5%, indicating a continued decline.

Bybit has been the main beneficiary of this drop, rising from 7th place to 2nd, increasing its share from 3.2% to 8.51%.

OKX, in 3rd place, also slightly improved its position, increasing from 5.4% to 6.38%.

🔸 Here’s how the top five look:

1. Binance — 39.54% (-13%)
2. Bybit — 8.51% (+5.31%)
3. OKX — 6.38% (+0.98%)
4. Upbit — 5.77% (-1.03%)
5. Coinbase — 5.68% (-0.12%)

Binance's market share continues to shrink for the second year in a row.

In 2022, it held 62% of the market, but by November 2023, its share dropped to 30%.

🔸 Derivatives: OKX, Bybit, and Bitget Grow as Binance Declines

Similar trends are seen in the derivatives market.

Binance lost 8.4% of its share, dropping from 50.9% to 42.5%.

Meanwhile, exchanges like OKX, Bybit, and Bitget are strengthening their positions:

◽️ OKX grew from 15.5% to 19.83%, becoming the second-largest player.

◽️ Bybit increased its share from 11.3% to 13.98%.

◽️ Bitget secured 4th place, rising from 8.2% to 12.73%.

These three exchanges also took market share from MEXC Global, which fell from 7.3% to 4.27%.

🔸 Total Volume: Binance Losing Position, Competitors Rising

In 2024, Binance still holds first place with $22.5 trillion out of the total $54 trillion volume, but its share dropped from 51.2% to 41.68%.

The most successful competitors were:

◽️ OKX — from 13.4% to 16.19%.
◽️ Bybit — from 9.6% to 12.5%.
◽️ Bitget — from 7.0% to 10.28%.

The trends show that Binance is gradually losing its dominance, while its competitors are steadily gaining ground.

🟠 What’s Next?

The decline in Binance's share in both spot and derivatives trading indicates that its monopoly is weakening.

Meanwhile, Bybit, OKX, and Bitget are rapidly expanding, and the battle for dominance is only intensifying.

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🌐 UAE: A Leading Country for Cryptocurrency Development

The United Arab Emirates (UAE) has made a significant step towards becoming a global hub for cryptocurrency.

Recent changes in tax laws make the Emirates even more attractive to crypto companies and investors.

Let’s look at how the country is advancing in the crypto market.

📊 VAT Exemption on Cryptocurrency Transactions

Starting November 15, 2024, all cryptocurrency transactions in the UAE will be exempt from Value Added Tax (VAT).

This is made possible by Cabinet Resolution No. 100 of 2024.

The change aims to encourage investment and simplify regulations for working with virtual assets.

Now, individuals and businesses dealing with cryptocurrencies will save 5% on every transaction.

Additionally, there is a consideration for VAT refunds on crypto transactions dating back to 2018.

This could make the UAE an even more advantageous jurisdiction for virtual asset operations.

📊 Cryptocurrency Regulations and Licenses in the UAE

2024 has brought important new developments in the UAE's cryptocurrency regulatory landscape.

In May, the Central Bank approved a new licensing framework for stablecoins.

In April, Binance was granted a Virtual Asset Service Provider (VASP) license in Dubai.

This highlights the UAE’s proactive efforts to create a favorable environment for the growth and development of the crypto market.

📊 Tax Benefits and Advantages for Investors

One of the main advantages for UAE tax residents is the absence of tax on cryptocurrency income.

This benefits both active traders and those passively holding digital assets.

Moreover, investors who establish companies in Dubai’s free zone can access tax incentives and obtain residency permits.

📊 Headquarters and Offices

Many major crypto companies have already moved their headquarters to Dubai or opened offices there.

These include Binance, OKX, Crypto.com, Q9 Capital, and TON.

This reflects a broader trend, with crypto firms and hedge funds choosing Dubai for its business-friendly environment.

📊 Growth of the Web3 Ecosystem

Currently, the UAE is home to approximately 1,500 Web3 companies employing nearly 7,000 professionals.

The ecosystem of cryptocurrency and decentralized finance (DeFi) in the region is expanding rapidly.

The total value of DeFi services has grown by 74% compared to last year.

📊 Major Crypto Events in the UAE

Dubai has become a hub for major international cryptocurrency events, such as the Wiki Finance Expo Dubai 2024, Global Blockchain Show, and Crypto Expo Dubai.

On October 22-23, Dubai hosted Blockchain Life 2024, drawing over 10,000 participants from 120 countries.

Speakers included industry leaders like Paolo Ardoino (Tether), Yat Siu (Animoca Brands), Pascal Gauthier (Ledger), who discussed the market outlook for 2025.

This further underscores the UAE’s intention to maintain its leadership in the crypto world.

📊 UAE: A Global Hub for Crypto Innovation?

With VAT exemptions on cryptocurrency transactions and supportive regulatory policies, the UAE is becoming an attractive hub for blockchain companies.

However, as highlighted by Henley & Partners’ study, the UAE does not yet hold the absolute top spot.

Among the 28 countries surveyed, Singapore scored the highest with 45.7 out of 60, thanks to strong government support and broad access to digital technologies.

Hong Kong, scoring 42.1, stands out with its developed infrastructure and favorable tax policies.

Currently, the UAE ranks third with 41.8 points but continues to strengthen its position.

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📁 Cryptocurrency Status Report 2024: Key Highlights

A recent report on the state of cryptocurrency in 2024 has been published, and the data clearly points to significant changes in the crypto world.

Here are the main points:

1️⃣ Crypto at Peak Activity

Active addresses are hitting record levels — in September, there were around 220 million. About 100 million are on Solana, with the rest on NEAR, Base, Tron, and, of course, Bitcoin and Ethereum. Interest in crypto is rising sharply worldwide.

2️⃣ Politics and Cryptocurrencies: The U.S. Prepares for Elections

Ahead of the elections, interest in crypto has surged in states like Pennsylvania and Wisconsin. Bitcoin and Ethereum are now available to investors as SEC-approved products, which could be a pivotal factor in the market.

Americans are increasingly discussing crypto — and both political parties are now engaged.

3️⃣ Stablecoins — A New Force in the Market

In the last quarter, stablecoins recorded $8.5 trillion in transaction volume — more than double that of Visa. Easy and cheap transfers make them a popular choice not only for traders but also for those seeking quick solutions for international payments.

4️⃣ Infrastructure: Crypto Now More Accessible

Layer 2 (L2) networks and improved technologies have made transactions cheaper in 99% of cases. This means that even small crypto transfers are now more affordable than bank transfers.

The development of Zero Knowledge (ZK) technology also contributes to cost reduction.

5️⃣ DeFi Holds Its Ground

The total value locked in DeFi exceeds $169 billion. Ethereum has become even more secure since transitioning to Proof-of-Stake, with the share of staked Ether rising to 29%. For those seeking an alternative to centralized finance, DeFi remains a reliable option.

6️⃣ AI and Crypto: A New Level of Partnership

More than a third of crypto projects are already integrating AI. This could help decentralize access to AI, democratizing computing power. If central AI becomes a reality, crypto can help balance this centralization.

7️⃣ New Applications — From Gaming to Social Networks

With lower costs, the number of new applications is growing. Blockchain-based social networks and on-chain games are becoming more popular.

Already, 10.3% of crypto projects are related to social networks, and new games are testing the limits of blockchain capabilities.

✅ Conclusion:

Cryptocurrency is gaining momentum and reaching new levels.

With improvements in infrastructure and growing user interest, we can certainly expect the crypto economy to expand further.

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🇺🇸 Trump or Harris: Whom Are American Billionaires Supporting?

According to Bloomberg, the wealthiest Americans are rallying behind Donald Trump in the 2024 presidential race.

The former president has received $281 million from 20 individuals on the list of the wealthiest in the U.S., while Kamala Harris’s campaign has attracted $66.2 million from 24 wealthy donors.

The ultra-rich’s preference for Trump is largely due to donations from Elon Musk and Miriam Adelson, each contributing over $100 million in support.

🇺🇸 Top Billionaire Supporters of Trump

◽️ Elon Musk (CEO of Tesla) — $119 million to America PAC

◽️ Miriam Adelson (Las Vegas Sands) — $100 million to Preserve America PAC

◽️ Stephen Schwarzman (Blackstone) — $419,600 to Trump Committee 47

◽️ Diane Hendricks (ABC Supply) — $15 million to Make America Great Again Inc.

◽️ Tilman Fertitta (Fertitta Entertainment) — $487,300 to Trump Committee 47

🇺🇸 Elon Musk’s Influence

Musk, leading the donor list, has made a surprising move, proposing a new Department of Government Efficiency to cut U.S. government spending by $2 trillion annually.

Musk has stated that he would lead this department, should Trump win the presidency.

The big question is: can Musk — a powerful billionaire and tech giant — leverage his resources and expertise to reform government administration?

His support and proposals reveal a serious ambition to change the system from within.

🇺🇸 Harris’s Key Allies: The Tech Sector

On Harris’s side are major players from the tech industry and prominent Democrats. Here are her top donors:

◽️ Bill Gates (Microsoft) — $50 million through an undisclosed non-profit

◽️ Dustin Moskovitz (Meta co-founder) — $38 million to Future Forward PAC

◽️ Reed Hastings (Netflix) — $6.9 million to the Republican Accountability Project (anti-Trump)

◽️ Laurene Powell Jobs (Emerson Collective) — $932,000 to the Harris Victory Fund

◽️ George Soros (Soros Fund Management) — $900,000 to Harris Victory Fund

The tech sector is heavily investing in Harris’s campaign.

These influential billionaires are mobilizing to keep Democratic leadership in the White House.

Following Biden’s exit, Harris raised $81 million on her first day, setting a 24-hour fundraising record.

🇺🇸 Key Factors Impacting the Race Outcome:

1️⃣ Fundraising Totals: Trump leads in overall donation amounts, securing resources for major on-the-ground efforts in key states.

2️⃣ Anonymous Donations: Harris’s campaign also receives funding through 501(c)(4) organizations, which allows some donors to remain anonymous, giving her more strategic flexibility.

3️⃣ PAC Prospects: Both sides are heavily using PACs, but Trump focuses on super PACs to mobilize voters in key states.

🇺🇸 Conclusions

Will Musk’s promises to cut government expenses, alongside financial backing from top billionaires, boost Trump’s position in the election?

On the other hand, tech giants supporting Harris are intensifying efforts to keep the White House under Democratic control.

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