What will happen if a major exchange such as Binance faces another competitor

It's not entirely hypothetical as everything in this industry is changing with time, time can heal and change everything. FTX, Bittrex and many other operational exchanges faced bankruptcy shows nothing can remain intact in this industry. Certainly, as of now, Binance is all in all however just imagining in case a different competitor endeavours to compete with Binance then it might advert all the attention in it. Even the world's leading exchange Binance is no longer intact after CZ's resignation as it stirs the discussion about whether this CeX is safe to use or not. Anyway, we have multiple choices available unless someone prefers not to practice Binance. There are many other exponential platforms like Bitget, Kucoin, and Gate available which can adversely Binance.

https://coinmarketcap.com/rankings/exchanges/

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