Binance spot market share drops for 7th consecutive month: Report

Major planetary cryptocurrency speech Binance has reportedly continued to suffer its marketplace stock amid ongoing regulatory issues successful the United States.

Binance’s spot marketplace stock fell for a seventh consecutive period successful September 2023, Bloomberg reported connected Oct. 5, citing investigation from cryptocurrency information supplier CCData

According to the report, Binance’s spot marketplace stock dropped from 38.5% successful August to 34.3% successful September. In January 2023, Binance’s spot marketplace stock accounted for arsenic overmuch arsenic 55.2%.

Binance's planetary spot marketplace stock percent illustration year-to-date. Source: Bloomberg

Apart from the spot market, Binance has besides been losing marketplace stock successful the derivatives market. According to the report, Binance’s derivatives marketplace stock tumbled from 53.5% successful August to 51.5% successful September. In January, the exchange’s marketplace dominance successful the derivatives marketplace accounted for much than 62%.

According to CCData probe expert Jacob Joseph, Binance’s regulatory challenges successful the U.S. are not the lone crushed the speech has mislaid its marketplace share. The expert believes the driblet is besides a effect of Binance halting its zero-fee trading promotion for large trading pairs.

Binance's marketplace stock driblet besides came arsenic Binance wraps up services successful immoderate of its cardinal markets this year. In September, Binance announced its afloat exit from Russia, selling its full section concern to a newly-launched CommEx exchange, founded by undisclosed entities. Russia was 1 of the biggest markets for Binance, with Russian visitors accounting for astir 7% of the platform's traffic.

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Binance introduced changes to its trading fees successful aboriginal September, re-applying a regular taker interest based connected the user’s VIP level. For example, Binance started charging a 0.1% taker interest connected spot and borderline trades from regular users.

According to the report, Binance’s mislaid spot trading measurement has been distributed among exchanges similar HTX (formerly Huobi), Bybit and DigiFinex. Rival exchanges similar OKX, Bybit and Bitget person reportedly besides picked up marketplace stock successful derivatives.

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