Huobi's Market Share plummets from 22% in 2020 to 4% in 2022
As per a recent chart by Kaiko, Huobi’s market share plummeted from a high of 22 percent in 2020 to a low of 4 percent in 2022. Huobi wasn’t the only one sailing on this boat. OKX endured a similar fate as its market share dropped from 21 percent in 2020 to 9 percent in 2022. Source Binance, on the other hand, was taking over the ecosystem. In 2022, Binance’s market share is currently at 57 percent. Back in 2020, the exchange accounted for just 37 percent of the market share. This particular decline for Huobi could be linked to an array of things. Starting from its exit from Thailand. The exchange was urged by Thailand’s Securities and Exchange Commission [SEC] to stop its services and even revoked its license. Soon after, rumors about Huobi founder Leon Li selling his stake in the firm began surfacing. With a 60 percent stake in the firm, Li’s decision scared several in the market. Several speculated that the now-bankrupt firm FTX or Justin Sun...