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Who Can Dethrone the King of Crypto Exchanges? Experts Weigh in

3 mins
Updated by Ryan Boltman
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In Brief

  • Binance represents 75% of all exchange volume, which is 8.5 times more than Coinbase.
  • The BeInCrypto team asks for the opinion of the industry experts on what can dethrone Binance.
  • The expert believes that Centralized exchanges are not going anywhere.
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Binance is the most dominant exchange in terms of trading volume. Can anyone dethrone Binance? Read the experts’ opinions.

Binance accounted for more than 50% of the trading volume in both spot and derivatives before the FTX collapse. But, it had a fast-growing competitor in the form of the Sam Bankman-Fried (SBF) led FTX exchange.

After the collapse of the SBF empire, Binance’s share in the overall volume surged. It now represents 75% of all exchange volume, almost 8.5 times the second-largest exchange – Coinbase. With sheer dominance in the market, can anyone dethrone Binance?

In a panel discussion hosted by the Institute of Directors, BeInCrypto exclusively asked the industry leaders their opinion on who could dethrone Binance or what could lead to the fall of the largest exchange.

Local Exchanges Will Excel Due to Regulatory Concerns With Binance

Jeff Hancock believes that there are lots of Regulatory arbitrage when dealing with Binance. He says, “They don’t have an office anywhere, you cant contact them apart from Twitter. That’s a real problem not just for retail users, but for lots of corporate institutions that want to deal with someone local, that has local registration, that has regulatory approval, or a proper compliance team,  that has a phone number on their website.”

Jeff co-founded, a firm that aims to change the line between crypto and finance into a seamless digital layer. He thinks that naturally, players will rise to challenge Binance, and the market might see more “local counterparties excelling at their levels.”

Will Decentralized Exchanges Dethrone Binance?

Filip Srdoc does not see the future in any of the centralized exchanges. He is the head of Business Development at Genius Yield, advising and mentoring startups building on Cardano. 

He explains, “Crypto is here to give you freedom, to be decentralized, to not need to have centralized things like banks or centralized exchanges. I dont know who can take Binance down or if anyone will, I just dont think in the future there will be place for any of those centralized things.”

Transparency is the Keyword to Dominate Crypto Industry

Countering Jeff’s opinion, Anatoly Crachilov believes centralized exchanges are not going anywhere. Anatoly has 27 years of experience in investment management and private equity. He is the co-founder of the crypto hedge fund Nickel Digital

He shares his opinion, “I think who can dethrone Binance is really a player who would make an effort to adhere to the transparency, beyond what is the current norm, right? Essentially, you want Proof of Reserves, here you go. You want Proof of Liablities, ofcourse. You want Proof of Solvency, we are all for it. And its not done on an annual basis, or on a monthly basis, but perhaps technology allows you to run these proofs on a daily basis. You can do it pretty much real time, and if that is done, that becomes completely different gameplan.”

Binance may lose its Dominance if it Fails to Evolve

Torsten Dueing says that he cannot give 100 years of dominance to any company. The Head of ETC Platforms at HANetf says,

“In the 90s we were like we will always hold a Nokia phone, and Apple was struggling for survival. Look at that now, no one uses a Nokia.”

Furthermore, crypto is roughly a decade-old industry. As the industry evolves, many new players might rise to the top spot.

Got something to say about who can dethrone Binance or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on Tik Tok, Facebook, or Twitter.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...