During 2022, a year overwhelmed by crises like Celsius and FTX collapse, data indicates that Binance has turned out to be the winner, as per Arcane Research. In a report published by Arcane Research on the 3^rd of January 2023, the platform expressed that the crypto exchange witnessed a considerable spike in its dominance in the market during the entire of 2022.

Binance Is Indisputable Winner Crypto Exchange of 2022, Says Arcane Research

The crypto exchange, as of the 28^th of December last year, had occupied a 92% ratio of the spot market of Bitcoin as well as a 61% ratio of the derivatives market of Bitcoin in terms of volume. The research company noted that Binance is the distinctive winner of the previous year in the case of market dominance and market structure of crypto.

As per Arcane Research, Binance outcompeted all the other entities operating within the market irrespective of trading activity’s analysis from any angle. The Bitcoin spot market of the crypto exchange was standing at 45% when the year started. This indicates that it doubled in its extent while a one-third increase took place in proportion to the derivatives market of Bitcoin. The report mentions that the upsurge in the dominance of Binance in the Bitcoin-related spot market preceded the crash of FTX (the 2^nd-biggest crypto exchange in terms of market volume).

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As per the report, the respective dominance started enhancing as the crypto exchange eliminated charges for particular trading pairs as of the 7^th of July 2022. The crypto exchange additionally carried out some significant acquisitions to broaden its worldwide coverage in the previous year. This takes into account Tokocrypto (an Indonesia-based company for brokerage of digital currency) and Sakura Exchange BitCoin (a trading firm based in Japan).

Arcane Research Anticipates Binance to Implement Fees in 2023 for Dominance

Binance has been categorized among some of the crypto exchanges focused on enhancing the staff headcount during the former year however its fellows like Coinbase and Kraken were compelled to cut staff during the ongoing crypto winter. While forecasting over the current year, Arcane mentioned in its report of 30^th December that the crypto exchange would employ trading charges for another time to normalize market dominance.