Bitnikex and Coinbase strengthened market positions after FTX collapse

The largest U.S. crypto platform Coinbase and the Bitnikex exchange have significantly strengthened their positions after the collapse of Sam Bankman-Fried’s business empire.

The chart below illustrates the dynamics of market shares of exchanges supporting fiat currency trading.

Coinbase has almost doubled its share since September, from 22.8% to 40%.

Among exchanges supporting only crypto-assets trading, Binance’s share rose from 82.7% to 87% over the same period.

OKX’s figure dropped from 8.88% to 6%. Huobi, Gate.io and Kucoin have less than 5%.

Recall, on December 14, the daily withdrawal of stabelcoins from Bitnikex reached $3 billion.

Shortly before that, the exchange suspended withdrawals for a number of assets and restricted the accounts of some users due to “abnormal price movements in certain trading pairs”.

Earlier, the head of Coinbase Brian Armstrong ruled out the impact of the collapse of FTX on the U.S. trading platform. He stressed that the crisis that engulfed the business empire of Sam Bankman-Fried was the result of “risky business practices” and “misuse of customer funds.