Binance Spot Market Share Plunges for 7th Consecutive Month

Binance Continues to Lose Market Share

Major global cryptocurrency exchange Binance has reportedly continued its decline in market share due to ongoing regulatory issues in the United States.

According to data from cryptocurrency data provider CCData, Binance’s spot market share fell for a seventh consecutive month in September 2023, down to 34.3% from 38.5% in August. This is a significant drop from the 55.2% market share the exchange had in January 2023.

Binance has also seen a decrease in its derivatives market share, falling from 53.5% in August to 51.5% in September. This is a sharp contrast to its 62% market dominance in January.

Binance’s Market Share Drop

Jacob Joseph, a research analyst at CCData, believes that Binance’s decline in market share is not only due to its regulatory issues in the US, but also because it stopped offering zero-fee trading for major trading pairs.

In September, Binance announced its full exit from Russia, one of its biggest markets with nearly 7% of its traffic. This, along with the introduction of trading fees for regular users, has resulted in Binance’s lost spot trading volume being redistributed among exchanges like HTX (formerly Huobi), Bybit, DigiFinex, OKX, and Bitget.

The crypto industry is rapidly evolving and Binance is no exception. Despite the drop in market share, Binance is still one of the biggest crypto sites in the world and is well-positioned to compete with other global exchanges such as Bloomberg, Business Insider Crypto, and Crypto Bloomber.