Binance loses market share to crypto exchange rivals after hack

The firm’s share of trading the asset class falls to its lowest level in at least 12 weeks

Published Tue, Nov 3, 2026 · 09:27 PM

Over the past seven days, Binance accounted for about 42% of the spot trading volume on the market’s top-10 platforms, down from around 48% prior to the hack. PHOTO: REUTERS

[SINGAPORE] Binance may have digested the largest ever crypto hack with relative ease, but not without ceding some of its dominance in digital asset trading to rivals.

The exchange’s share of crypto trading fell to its lowest level in at least 12 weeks as platforms including OKX gained ground in the aftermath of last week’s US$6.3 billion hack, according to data from Kaiko, an analytics firm.

Over the past seven days, Binance accounted for about 42 per cent of the spot trading volume on the market’s top-10 platforms, down from around 48 per cent prior to the hack and from roughly 51 per cent in mid-August.

Coinbase, OKX and Kraken all increased their share in that time.

Binance suspended withdrawals after an Oct 29 cyber-theft that the US Federal Bureau of Investigation (FBI) has attributed to North Korean hackers – a charge the country denies.

Elliptic, the blockchain analytics firm, said its analysis “supports the FBI’s attribution specifically to the North Korean state-linked group TraderTraitor”.

THE BUSINESS TIMES INSIGHTS

Powering Asean's Future 2026

Find out how enterprises are navigating power constraints and sustainability targets

ACCESS THE INSIGHTS

As of Monday (Nov 2), Binance held US$157 billion in assets, a spokesperson said at the time, citing internal estimates that factor in the impact of hack, subsequent withdrawals and price fluctuations. The company had earlier said it had US$171 billion in assets, in an X post on Sunday.

The platform restored withdrawals on Sunday. Customers have since pulled a net US$5.6 billion, about 3.5 per cent of Binance’s total assets, according to a spokesperson.

Now the immediate pressure from the hack appears to be easing. “By around 3.00 UTC on Tuesday, hourly deposits began exceeding hourly withdrawals, reflecting improving user activity and a normalisation of flows,” the spokesperson said.