Binance’s share of the overall spot-trading volume fell to 34.3% in September. The figure has declined for the seventh consecutive month, according to Bloomberg, citing CCData’s report.
In August, the exchange accounted for 38.5% of spot trading, and in January for 55.2%.
In the derivatives market, Binance’s dominance fell from 62.6% in January to 51.5% currently.
“This decline was driven by the end of the zero-commission promotion for popular pairs, along with concerns about regulatory scrutiny,” explained CCData analyst Jacob Joseph.
In 2023, two American agencies filed lawsuits against Binance — SEC and CFTC — for unlawfully distributing securities and trading derivatives without a license.
CCData says that Binance’s decision to to exit Russia also affected the metrics.
According to the expert, the lost spot volume went to HTX (formerly Huobi), Bybit and DigiFinex, while competitors such as 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 23, Binance’s spot Bitcoin trading volume fell by 57%.
In the second quarter of 2023, the total spot trading volume across the 20 leading Bitcoin exchanges fell by 36% — from $2.6 trillion to $1.66 trillion, according to CoinMarketCap.