For the wider market, the exchange's deal "would see significant reduction of a potential systemic risk emanating from a hypothetical Binance collapse," the report said.
This shift towards regulated crypto companies and products is positive for attracting traditional finance investors, with the involvement of large asset managers such as BlackRock and Fidelity in the approval of spot bitcoin ETFs.
Its market share loss should be contained going forward and perhaps partly reverse once the implications from the settlement on Binance's operations and business model become more clear.
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