隨著審查的加劇和競爭對手的崛起，幣安的全球規則崩潰

由於監管阻力和競爭加劇，幣安在加密貨幣交易領域的全球主導地位正在減弱。過去一年，該交易所在比特幣和山寨幣交易中的市佔率大幅下降。導致幣安失去主導地位的因素包括監管問題、具有成本效益的交易計劃的終止以及勢頭強勁的小型交易所的崛起。

Binance's Global Market Share Dwindles Amidst Regulatory Scrutiny and Escalating Competition

由於監管審查和競爭加劇，幣安的全球市場份額下降

Binance, the behemoth of the cryptocurrency exchange landscape, is facing an unprecedented erosion of its global market share as a confluence of factors chips away at its dominance. Evolving regulatory landscapes, intensifying competition, and a retreat from cost-effective trading strategies have coalesced to create a perfect storm for the exchange.

幣安作為加密貨幣交易領域的巨頭，由於多種因素的綜合作用削弱了其主導地位，其全球市場份額正面臨前所未有的侵蝕。不斷變化的監管環境、日益激烈的競爭以及對具有成本效益的交易策略的放棄，這些因素共同為交易所帶來了完美風暴。

A Diminishing Market Share

市佔率不斷縮小

According to the acclaimed research firm Kaiko, Binance's share of Bitcoin trading has plummeted from a colossal 81.3% to a mere 55.3% over the past year. Similarly, the exchange's altcoin market share has dwindled from 58% to 50.5%. Kaiko analysts have ascribed this decline to the growing dispersion of offshore markets, empowering smaller local exchanges and eroding the market dominance of giants like Binance.

根據著名研究公司 Kaiko 的數據，幣安在比特幣交易中的份額在過去一年中從 81.3% 的巨大份額驟降至 55.3%。同樣，該交易所的山寨幣市佔率也從 58% 下降至 50.5%。 Kaiko 分析師將這種下降歸因於離岸市場的日益分散，賦予了規模較小的本地交易所權力，並削弱了幣安等巨頭的市場主導地位。

Adding fuel to this market share hemorrhage is Binance's discontinuation of its customer-friendly free trade policy. This move has alienated traders seeking cost-effective platforms for their cryptocurrency transactions.

幣安終止對客戶友善的自由貿易政策，加劇了市場份額的流失。此舉疏遠了尋求具有成本效益的加密貨幣交易平台的交易者。

Expanding Rivals

不斷擴大的競爭對手

Beyond the United States, Binance's global presence is being challenged by a proliferation of international exchanges expanding their reach and capturing increasing market shares. Kaiko's research reveals that OKX's non-US Bitcoin trading volume has surged from 3% to 7.3% in the past year. Bybit has experienced an even more dramatic ascent, growing its share from 2% to 9.3%.

在美國以外，幣安的全球影響力正面臨國際交易所激增的挑戰，這些交易所不斷擴大其影響力並佔領越來越多的市場份額。 Kaiko 的研究顯示，OKX 的非美國比特幣交易量在過去一年中從 3% 飆升至 7.3%。 Bybit 的漲幅更為驚人，其市佔率從 2% 成長至 9.3%。

Regulatory Headwinds

監管阻力

Binance's regulatory woes have cast a long shadow over its global operations, further contributing to its market share decline. Last November, co-founder and former CEO Changpeng Zhao resigned from his leadership role amid guilty pleas to federal money laundering charges. Binance has faced accusations of commingling user funds, permitting US customers to trade illegally on its global platform, and turning a blind eye to illicit trades among VIP clients.

幣安的監管困境為其全球業務蒙上了長長的陰影，進一步導致其市場份額下降。去年 11 月，聯合創始人兼前執行長趙長鵬因對聯邦洗錢指控認罪而辭去領導職務。幣安面臨混合用戶資金、允許美國客戶在其全球平台上進行非法交易以及對 VIP 客戶之間的非法交易視而不見的指控。

These regulatory entanglements have raised concerns among authorities worldwide, prompting a cautious approach toward Binance. Last week, Dubai authorities finally granted Binance FZE, the exchange's local entity, a full Virtual Asset Provider (VASP) permit. However, this approval came only after Zhao agreed to relinquish voting control of the entity, a concession reportedly demanded due to the exchange's checkered regulatory history.

這些監管糾葛引起了世界各地監管機構的擔憂，促使人們對幣安採取謹慎態度。上週，杜拜當局最終向該交易所的本地實體 Binance FZE 授予了完整的虛擬資產提供者（VASP）授權。然而，這項批准是在趙同意放棄對該實體的投票控制權之後才獲得的。

South Korean Setback

韓國受挫

Binance's regulatory troubles have extended to South Korea, further eroding its global market share. In February 2022, the exchange acquired a majority stake in Gopax, a local crypto exchange grappling with operational challenges. Binance's attempted re-entry into the South Korean market, from which it had exited in January 2021, was met with regulatory headwinds. Binance reportedly plans to sell its Gopax stake and exit the market once again due to the unfavorable regulatory outlook.

幣安的監管問題已蔓延至韓國，進一步侵蝕其全球市場份額。 2022 年 2 月，該交易所收購了 Gopax 的多數股權，Gopax 是一家正在應對營運挑戰的當地加密貨幣交易所。幣安試圖重新進入韓國市場（該市場已於 2021 年 1 月退出），但遇到了監管阻力。據報道，由於監管前景不利，幣安計劃出售其 Gopax 股份並再次退出市場。

Asian Regulatory Crackdown

亞洲監管打壓

Asian markets are witnessing a tightening of regulations for crypto services, with some regulations proving unpalatable for Binance. In Hong Kong, the HKVAEX exchange, launched in December 2022, has withdrawn its application to operate. Despite denying any connection to Binance, HKVAEX has been linked to the global exchange through joint appearances at crypto events and the use of Binance servers.

亞洲市場對加密貨幣服務的監管日益收緊，其中一些規定令幣安感到不舒服。在香港，於 2022 年 12 月推出的 HKVAEX 交易所已撤回營運申請。儘管 HKVAEX 否認與幣安有任何联系，但它已透過聯合亮相加密貨幣活動和使用幣安伺服器與全球交易所建立了聯繫。

Withering Competitive Advantage

競爭優勢日漸萎縮

Binance's slide in global market share has exposed the erosion of its competitive advantage. The exchange's once-unassailable dominance, built upon low trading fees and a vast user base, is being eroded by a combination of regulatory challenges, escalating competition, and a shift in market sentiment.

幣安全球市場份額的下滑暴露了其競爭優勢的削弱。該交易所曾經建立在低廉交易費用和龐大用戶基礎之上的無可爭議的主導地位，正在因監管挑戰、不斷升級的競爭和市場情緒的轉變而受到侵蝕。

As the cryptocurrency industry matures, regulators worldwide are imposing stricter rules and enforcement mechanisms, forcing Binance to navigate a complex and evolving regulatory landscape. Simultaneously, a host of exchanges are emerging, offering competitive trading fees, innovative features, and a focus on compliance.

隨著加密貨幣產業的成熟，世界各地的監管機構正在實施更嚴格的規則和執行機制，迫使幣安應對複雜且不斷變化的監管環境。同時，大量交易所不斷湧現，提供有競爭力的交易費用、創新功能並專注於合規性。

Binance's decision to discontinue its free trade policy has further weakened its value proposition, alienating traders seeking cost-effective platforms. The exchange's regulatory troubles have also tarnished its reputation, making it a less attractive destination for investors and traders alike.

幣安決定終止其自由貿易政策，進一步削弱了其價值主張，疏遠了尋求高性價比平台的交易者。該交易所的監管問題也損害了其聲譽，使其對投資者和交易者不再有吸引力。

Conclusion

結論

Binance's global market share is shrinking at an alarming rate, a trend that is likely to continue as regulatory scrutiny intensifies and competition escalates. The exchange's once-formidable competitive advantage is withering away, exposing its vulnerability to a changing market landscape. Unless Binance can address its regulatory challenges and adapt to the evolving competitive dynamics, its global dominance is likely to diminish further.

幣安的全球市場份額正在以驚人的速度萎縮，隨著監管審查的加強和競爭的加劇，這一趨勢可能會持續下去。該交易所曾經強大的競爭優勢正在消失，暴露出其在不斷變化的市場格局中的脆弱性。除非幣安能夠解決其監管挑戰並適應不斷變化的競爭動態，否則其全球主導地位可能會進一步削弱。