Crypto exchange Binance’s share of total spot trading volume fell to 34.3% in September. The indicator has been declining for the seventh month in a row, Bloomberg reports, citing a CCData report.
In August, the volume of spot trading on the exchange was 38.5%, in January – 55.2%.
In the derivatives market, Binance’s dominance has fallen from 62.6% in January to the current 51.5%.
“The discontinuation of a zero trading commission promotion for popular pairs, coupled with concerns about regulatory scrutiny, contributed to this decline,” explained CCData analyst Jacob Joseph.
In 2023, two American agencies, the SEC and the CFTC, filed lawsuits against Binance for illegal distribution of securities and trading in derivatives without a license.
CCData believes that the company’s decision to leave Russia also contributed to the decline in performance.
According to the expert, the lost spot volume went to HTX (formerly Huobi), Bybit and DigiFinex, while competitors OKX, Bybit and Bitget increased their share of the derivatives market.
Earlier, K33 analysts reported a reduction in spot Bitcoin trading on the platform. From September 1 to September 23, the volume of transactions with the first cryptocurrency on Binance fell by 57%.
Recall that in the second quarter of 2023, the total volume of spot trading on the 20 leading bitcoin exchanges decreased by 36% – from $2.6 trillion to $1.66 trillion, according to CoinMarketCap.
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