Binance spot market share for 7th series drop down: report
Binance, the leading global cryptocurrency exchange, continues to lose market share amid ongoing regulatory issues in the United States.
Binance's spot market share fell for the seventh consecutive month in September 2023, Bloomberg reported on October 5, citing analysis from crypto data provider CCData.
According to the report, Binance's spot market share dropped from 38.5% in August to 34.3% in September. In the year By January 2023, Binance's spot market share had reached 55.2 percent.
In addition to the spot market, Binance is also losing market share in the primary market. According to the report, Binance's derivatives market share fell from 53.5% in August to 51.5% in September. In January, the market dominance of the exchange in the derivatives market exceeded 62%.
According to CCData Research analyst Jacob Joseph, Binance's regulatory challenges in the US are not the only reason the exchange has lost market share. The analyst believes that this decline is due to Binance's discontinuation of zero-fee trading for major trading pairs.
Binance's decline in market share comes as Binance ends its services in some of its key markets this year. In September, Binance announced its complete withdrawal from Russia, selling its entire domestic business to the new CommEx exchange, founded by unknown entities. Russia was one of the biggest markets for Binance, with Russian visitors accounting for nearly 7% of the platform's traffic.
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Binance introduced changes to its trading fees at the beginning of September, re-implementing a standard receiving fee based on a user's VIP status. For example, Binance started charging regular users a 0.1% receiving fee and margin trades.
According to the report, Binance's lost spot trading volume is spread among exchanges such as HTX (formerly Huobi), Bybit and DigiFinex. Rival exchanges such as OKX, ByBit and BitGate are also reported to be gaining market share in derivatives.
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