Along with the blacktip reef shark (C. melanopterus) and the whitetip reef shark (Triaenodon obesus), the grey reef shark is one of the three most common sharks inhabiting Indo-Pacific reefs. They actively expel most other shark species from favored habitats, even species larger in size. In areas where this species co-exists with the blacktip reef shark, the latter species occupies the shallow flats, while the former stays in deeper water. Areas with a high abundance of grey reef sharks tend to contain few sandbar sharks (C. plumbeus), and vice versa; this may be due to their similar diets causing competitive exclusion.
Based on morphological similarities, Jack Garrick in 1982 grouped this species with the bignose shark (C. altimus) and the sandbar shark (C. plumbeus), while Leonard Compagno in 1988 placed it as the sister species of the grey reef shark (C. amblyrhynchos). A phylogenetic analysis based on allozyme data, published by Gavin Naylor in 1992, indicated that the Caribbean reef shark is the sister taxon to a clade formed by the Galapagos shark (C. galapagensis), dusky shark (C. obscurus), oceanic whitetip shark (C. longimanus), and the blue shark (Prionace glauca). However, more work is required to fully resolve the interrelationships within Carcharhinus.
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In older literature, the scientific name of this species was often given as C. menisorrah. The blacktail reef shark (C. wheeleri), native to the western Indian Ocean, is now regarded as the same species as the grey reef shark by most authors. It was originally distinguished from the grey reef shark by a white tip on the first dorsal fin, a shorter snout, and one fewer upper tooth row on each side. Based on morphological characters, vertebral counts, and tooth shapes, Garrick (1982) concluded the grey reef shark is most closely related to the silvertip shark (C. albimarginatus). This interpretation was supported by a 1992 allozyme phylogenetic analysis by Lavery.
Caribbean reef sharks are prohibited from being caught by commercial fishers in U.S. waters, however harvest of these sharks may be permissible in other countries. During the past few decades, an increasingly popular (and even more controversial) commercial aspect of the Caribbean reef shark has emerged. To increase clientele, many dive-boat operations have come to include shark-feeding dives as a part of their agenda, with some of the most popular sites being main habitats of Caribbean reef sharks. Although new regulations prohibit such feedings off the coast of Florida, no such restrictions have been placed on operations in Bahamian or other Caribbean waters.
Although still abundant at Cocos Island and other relatively pristine sites, grey reef sharks are susceptible to localized depletion due to their slow reproductive rate, specific habitat requirements, and tendency to stay within a certain area. The IUCN has assessed the grey reef shark as Near Threatened; this shark is taken by multispecies fisheries in many parts of its range and used for various products such as shark fin soup and fishmeal. Another threat is the continuing degradation of coral reefs from human development. There is evidence of substantial declines in some populations. Anderson et al. (1998) reported, in the Chagos Archipelago, grey reef shark numbers in 1996 had fallen to 14% of 1970s levels. Robbins et al. (2006) found grey reef shark populations in Great Barrier Reef fishing zones had declined by 97% compared to no-entry zones (boats are not allowed). In addition, no-take zones (boats are allowed but fishing is prohibited) had the same levels of depletion as fishing zones, illustrating the severe effect of poaching. Projections suggested the shark population would fall to 0.1% of pre-exploitation levels within 20 years without additional conservation measures. One possible avenue for conservation is ecotourism, as grey reef sharks are suitable for shark-watching ventures, and profitable diving sites now enjoy protection in many countries, such as the Maldives.
A profitable ecotourism industry has arisen around this species involving organized "shark feeds", in which groups of reef sharks are attracted to divers using bait. Some US$6,000,000 is spent annually on shark viewing in the Bahamas, where at some sites a single living Caribbean reef shark has a value between US$13,000 and US$40,000 (compared to a one-time value of US$50–60 for a dead shark). This practice has drawn controversy, as opponents argue that the sharks may learn to associate humans with food, increasing the chances of a shark attack, and that the removal of reef fishes for bait may damage the local ecosystem. Conversely, proponents maintain that shark feeds contribute to conservation by incentivizing the protection of sharks and educating people about them. Thus far, there has been little evidence that shark feeds have increased the risk of attack in the surrounding area. Shark feeding has been outlawed off the coast of Florida, but continues at other locations in the Caribbean.
Cyanobacteria do not have skeletons and individuals are microscopic. Cyanobacteria can encourage the precipitation or accumulation of calcium carbonate to produce distinct sediment bodies in composition that have relief on the seafloor. Cyanobacterial mounds were most abundant before the evolution of shelly macroscopic organisms, but they still exist today (stromatolites are microbial mounds with a laminated internal structure). Bryozoans and crinoids, common contributors to marine sediments during the Mississippian (for example), produced a very different kind of mound. Bryozoans are small and the skeletons of crinoids disintegrate. However, bryozoan and crinoid meadows can persist over time and produce compositionally distinct bodies of sediment with depositional relief.