Based on service and how many altcoin listing make Binance keep dominance on the global currency exchange market than other exchange right now, I don't think become problem due Binance can give well service for all user. Binance first exchange adopted with P2P transaction and give opportunity for all member can withdrawing cryptocurrency assets to the bank without waiting longer time.
Not only with P2P service but also several time launchpad launching worth and price keep growing when listing in Binance, I think after FTX collapse maybe Kucoin or Houbi become the new rival for Binance exchange.
Topic: Binance's 98% Dominance: Should We Be Worried? - page 2. (Read 313 times)
This is just a reflrection how does the binance trusted by the people and of course we know how they really protect their users with their different features and perks of using with their services, for me its just a good thing, for another instances of other exchange still have a good thing to them because the users have another options depends on the users preferences and requirements.
And there you go assuming they are showing you 'real' numbers. For years exchanges have been been throwing up fake trades / allowing wash trades and all kinds of things to make them look larger then they really are.
So no, I'm not worried. Actually if Binance goes the way of FTX except for a short dump of price as everyone tries to get their funds out it would only help BTC
Not your keys, not your coins.
-Dave
What way do you think that it will benefit bitcoin? It shouldn't be hard to understand that your keys = your coins is not something that attracts average user. If you want bitcoin or crypto adoption overall, then this coin should become easier to use for average person. What Binance does is that it makes the whole process easier, you don't have to worry about your keys and you can open one account where you'll store almost every coin. This is what average crypto user wants and without them bitcoin can't become widely accepted.So no, I'm not worried. Actually if Binance goes the way of FTX except for a short dump of price as everyone tries to get their funds out it would only help BTC
Not your keys, not your coins.
-Dave
The problem here is that exchanges do whatever they want. No one gives a f that they fake volume, no one cares who does what, there is an anarchy-like system. I also genuinely believe that exchanges fake futures trading to liquidate their users' assets and earn more money.
However, KYC can also compromise anonymity and privacy, which are often highly valued by cryptocurrency users. Some argue that the need for KYC goes against the decentralized and borderless nature of cryptocurrencies, and can even put users at risk of data breaches and identity theft.
If you don't want to compromise anonymity and privacy, there are non-kyc alternatives. But if you want to get top-tier service, then you have to compromise something. Anyway, everyone has to compromise something in order to achieve what he wants. At the moment it's reality and it can't be changed and yeah, I know that elites do all kind of shit through regulated companies. 
Fyi @Op, some exchanges are not covered by coinalyze like Mexc, Bitget, Btcex and Tidex (even they are hidden in the exchanges summary on CMC, lol) while they contribute very high bitcoin trading volume if you look at other aggregator sites. So I assume the statistics you provide are not valid (or you could say manipulated). My worries stop here. 
OP's number is incorrect but Binance's dominance in the market is correct. I also don't believe 98%, but 70-80% is pretty sure if you look at other websites' stats. I would love to use Binance, but their market dominance is something I've been thinking about and I don't like it at all. When power is too concentrated on one force, it will cause many consequences for the market, the market is no longer balanced and free. But prolonging this will also not benefit Binance as the legal authorities will accuse Binance of monopolies, I believe CZ knows about it too.
According to what I saw on Coingecko, I do not think Binance has up to 98% of trading volume, but we all know that it dominates all other exchanges.
According to what I saw on Coingecko:
Binance 24 hours trading volume is $25,991,400,403.
If $105 billions is the total on all exchanges and Binance only accounts for approximately $26 billion. In percentage, that is just approximately around 25.8% not 98%.
According to what I saw on Coingecko:
Quote from: https://www.coingecko.com/en/exchanges
As of today, we track 600 crypto exchanges with a total 24h trading volume of $105 Billion, a 58.8% change in the last 24 hours. Currently, the 3 largest cryptocurrency exchanges are Coinbase Exchange, KuCoin, and Kraken. Total tracked crypto exchange reserves currently stands at $110 Billion
Binance 24 hours trading volume is $25,991,400,403.
If $105 billions is the total on all exchanges and Binance only accounts for approximately $26 billion. In percentage, that is just approximately around 25.8% not 98%.
Interesting. Does it mean the report OP shows is incorrect?
I would be happy if it's incorrect. There should always be a healthy competitor. Otherwise, they can force us to do whatever they want. Suppose there are no other exchanges, and you must only use Binance. This is the scariest thing I can imagine. I am not saying their service is terrible. But, Not having any competitors will make them arrogant, and slowly, they won't take care of any problems. They will do whatever they want, and I won't have any choices. An Exchange alone shouldn't have more than 45% trading volume. Otherwise, they will control the market and cannot do anything against them.
also, i believe that trust is with binance owed to its SAFU, an insurance to its users. so whether binance is hacked or got into trouble, users are confident that they can get their funds because of this insurance.
That's one of the biggest mistakes you can do, think that your money is safe on Binance just because of the SAFU fund. While that can maybe cover smaller hacks, in case shit hitting the fan like in FTX case that SAFU thing will be meaningless and you can say goodbye to your money. pretty sure lots would really be taking suicide specially to those people who had been storing up their assets or coins in the wallet on full blast or all in.
We cant really deny out that Binance is really that dominating when it comes to volume and overall usage when it comes to exchange platform.
People should at least know about the risk on storing up their assets on exchange platforms.Its never been that ideal nor recommendable since from the start.
also, i believe that trust is with binance owed to its SAFU, an insurance to its users. so whether binance is hacked or got into trouble, users are confident that they can get their funds because of this insurance.
That's one of the biggest mistakes you can do, think that your money is safe on Binance just because of the SAFU fund. While that can maybe cover smaller hacks, in case shit hitting the fan like in FTX case that SAFU thing will be meaningless and you can say goodbye to your money. 
This is something I am not too bothered about but it is going to affect most people that do keep there tokens and holdings on Binance.
Binance is the world largest cryptocurrency market and it has it stable coin which is BUSD and volatile coin like BNB. This had made the crypto exchange to soar higher than most of it formal competitors. There was fud about Binance previous time but the fud could not affect the exchange because it seems like it has strong holds and with it simplicity. Investors prefers Binance to many of the crypto exchanges in the market currently.
Binance is the world largest cryptocurrency market and it has it stable coin which is BUSD and volatile coin like BNB. This had made the crypto exchange to soar higher than most of it formal competitors. There was fud about Binance previous time but the fud could not affect the exchange because it seems like it has strong holds and with it simplicity. Investors prefers Binance to many of the crypto exchanges in the market currently.
they do prefer binance because of its reputation in the trading market. i haven't heard any story that someone can't withdraw from binance. if there's any, it is the fault of the user himself. also, i believe that trust is with binance owed to its SAFU, an insurance to its users. so whether binance is hacked or got into trouble, users are confident that they can get their funds because of this insurance.
Binance is now the leading and top exchange, but who knows the future exactly?
Although we know how Binance is, we must still consider not trusting any exchange 100% including Binance. We still don't know what will happen to this platform later, whether this will be taken over by other platforms, got big hacks, or others. I don't expect these. But at least, we can be more aware to be more careful. Nothing to trust 100%. We must also have other alternatives to secure at least our assets. Or even if we trust Binance, we can use it to gain any profits, but not for trusting 100%.
Although we know how Binance is, we must still consider not trusting any exchange 100% including Binance. We still don't know what will happen to this platform later, whether this will be taken over by other platforms, got big hacks, or others. I don't expect these. But at least, we can be more aware to be more careful. Nothing to trust 100%. We must also have other alternatives to secure at least our assets. Or even if we trust Binance, we can use it to gain any profits, but not for trusting 100%.
This is something I am not too bothered about but it is going to affect most people that do keep there tokens and holdings on Binance.
Binance is the world largest cryptocurrency market and it has it stable coin which is BUSD and volatile coin like BNB. This had made the crypto exchange to soar higher than most of it formal competitors. There was fud about Binance previous time but the fud could not affect the exchange because it seems like it has strong holds and with it simplicity. Investors prefers Binance to many of the crypto exchanges in the market currently.
Binance is the world largest cryptocurrency market and it has it stable coin which is BUSD and volatile coin like BNB. This had made the crypto exchange to soar higher than most of it formal competitors. There was fud about Binance previous time but the fud could not affect the exchange because it seems like it has strong holds and with it simplicity. Investors prefers Binance to many of the crypto exchanges in the market currently.
The recent spike in the trading volume is as result of the influx of traders who was being effected by the FTX collapse , the customers are left with no option than to resort to trading with Binance which seems to be one of the most reputable exchange out there which has stand the test of time in almost every angle of their business when compared to other crypto exchanges.
However, As it stands so right now ,No exchange is 100% trusted.
It has been said several times, not your keys not your crypto, You get worried if you keep your cryptos in centralized exchange custody.
If your are a day trader, After trading activities at the end of the day, withdraw your cryptos from the exchange to a personal wallet.
However, As it stands so right now ,No exchange is 100% trusted.
It has been said several times, not your keys not your crypto, You get worried if you keep your cryptos in centralized exchange custody.
If your are a day trader, After trading activities at the end of the day, withdraw your cryptos from the exchange to a personal wallet.
There is mixed conclusion about this considering the numbers are not verified and there is no way whether Binance is actually having that much volume. One of the article that I read few months ago suggest that Binance is showing edited data which means they are not really showing what is happening inside their books. The trade volume could be manipulate thus leading to wrong impressions to every user of it. In similar way we are not able to be verify that rumour, we can safely say that binance dominance is not confirmed as well. Plus this should not be called as dominance but merely higher user base believing in binance for its service. Though centralised, the exchanger holds people’s money which they can’t just use or withdraw just like that. It seems we will have safer points always.
Volume dominance clearly shows that Binance is the most trusted exchange right now but it doesn’t give much concerned since their founder is clearly dox and will not runaway. If ever he will runaway, There’s no way he can hide all those coin away from the public eyes.
Lol. Did you sleep over the last year or so? Celsius CEO (Alex Mashinsky) was doxxed, FTX CEO (Sam Bankman-Fried) was doxxed as well and we can see how that ended up for their users. Just because Binance is at the top at the moment and CZ is a known person doesn't meant that things can't go south. At one point in time Mt.Gox was even bigger than Binance is now (relative to the market size) and that didn't end up well either, meaning no matter how big an exchange is, it doesn't mean that it can't bankrupt. People should stop treating exvchanges like banks because they aren't. If you have to use CEX, use it for that they are intended for (trading) and after you are done, withdraw funds to your own non-custodial wallet.
While I seriously doubt that Binance market dominance is as big as claimed in the topic title, I don't think that its good for market to have exchange that controls majority because the bigger exchange is, bigger the influence on market will be in case of fail.
Binance has been able to increase its dominance in the crypto market as traders continue to use the exchange. Now if they can make themselves credible in the market and traders value it then no one can stop them.
Too much dominance of any one company in the market is definitely not good for healthy competition and a fair market. So until there is a strong player in the market that can be accepted by traders, Binance will continue to dominate.
Too much dominance of any one company in the market is definitely not good for healthy competition and a fair market. So until there is a strong player in the market that can be accepted by traders, Binance will continue to dominate.
I think that 98% is an exaggerated number. There are strong exchanges besides Binance with large trading volume and liquidity, so I do not think that Binance has all this number.
But it is certain that Binance has the lion’s share, and this is what makes the market move towards centralization. Everyone here hates centralization and knows its disadvantages, but despite all that, everyone is racing to register in Binance and get an account there because of the large liquidity and many other advantages.
Centralization has high risks, the least of which is controlling the market, and if Binance is hacked or problems like what happened with FTX, then this means an earthquake in Crypto.
But it is certain that Binance has the lion’s share, and this is what makes the market move towards centralization. Everyone here hates centralization and knows its disadvantages, but despite all that, everyone is racing to register in Binance and get an account there because of the large liquidity and many other advantages.
Centralization has high risks, the least of which is controlling the market, and if Binance is hacked or problems like what happened with FTX, then this means an earthquake in Crypto.
Just incase the numbers are true, I can say it is somehow risky, that's why it is always much better to store your Bitcoin or cryptocurrencies to your personal wallets.
I believe that if incase Binance will fall or likely these amount of volume in the exchange will be compromised, I believe that there will a huge negative effect for the entire cryptocurrency market.
We know how big binance is but over 98%? Man I think this was pretty huge and it seems that they are a little bit shy there. Why they don't just make the numbers 100% but seriously I think the numbers/data's are still lying. There are also other big crypto exchanges out there so it's impossible that binance will get the majority of spot trading volumes.I believe that if incase Binance will fall or likely these amount of volume in the exchange will be compromised, I believe that there will a huge negative effect for the entire cryptocurrency market.
Binance being the monopoly of crypto is risky because they can manipulate the price easily but the one that you are talking there which is to not store funds inside them is still recommended because after all, they are still a centralized exchange and we all know what these types of platforms can do.
Fyi @Op, some exchanges are not covered by coinalyze like Mexc, Bitget, Btcex and Tidex (even they are hidden in the exchanges summary on CMC, lol) while they contribute very high bitcoin trading volume if you look at other aggregator sites. So I assume the statistics you provide are not valid (or you could say manipulated). My worries stop here.
Quote
Should We Be Worried?
Firstly, yes if you put your savings on Binance.Put your money in your wallet since the bigger the exchange, the higher the risk of it getting all sorts of security breaches. You can lose all your money if this happens.
Second, yes even if you don't put your money there.
In the event of a major catastrophe, the market will be in shock since practically the price is set in the Binance. But as long as you have your fund in your personal wallet, the price can bounce back after the event.
If you look at the image, you can see that we are talking about BTC volumes
Binance moved to zero fee trading many months back, this is one of the reasons that many traders prefer to use the exchange and they have more bitcoin trading volume. That Binance has 98% out of the 100% of the world total, that is not what I can believe. You do not have to believe everything that you see online, some are just fake information. 
Just incase the numbers are true, I can say it is somehow risky, that's why it is always much better to store your Bitcoin or cryptocurrencies to your personal wallets.
I believe that if incase Binance will fall or likely these amount of volume in the exchange will be compromised, I believe that there will a huge negative effect for the entire cryptocurrency market.
I believe that if incase Binance will fall or likely these amount of volume in the exchange will be compromised, I believe that there will a huge negative effect for the entire cryptocurrency market.
Jump to: