What challenges has Binance faced after its biggest rival's collapse?

Following the collapse of its main rival, Binance emerged as the dominant force in the evolving cryptocurrency market. Despite this apparent advantage, Binance has encountered multiple challenges stemming from its size and regulatory issues.

As regulatory pressure intensified, Binance faced accusations of serving American customers illegally, controlling client assets inappropriately, and disregarding compliance standards. The exchange's rapid growth triggered scrutiny from various global regulators, resulting in its efforts to establish a permanent base while dealing with legal actions and regulatory orders.

Regulatory challenges and shrinking market share have shifted the once aggressive growth-focused exchange towards a more cautious approach, leading to internal changes and job cuts. The struggles faced by Binance underscore the tension between centralized entities and the decentralized ideals originally championed by the crypto industry.

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