Binance saw its share of total spot trading volume decrease to 34.3% in September, according to a report from CCData cited by Bloomberg.
This marked the seventh consecutive month of decline for the indicator.
In August, Binance accounted for 38.5% of spot trading volume, down from 55.2% in January.
In the derivatives market, Binance’s dominance also decreased from 62.6% in January to 51.5% currently.
CCData analyst Jacob Joseph attributed the decline to the end of a zero trading commission promotion for popular pairs and concerns about regulatory scrutiny.
In 2023, the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) filed lawsuits against Binance for allegedly distributing securities illegally and operating derivatives trading without a license.
The company’s decision to exit the Russian market may have also contributed to the downward trend in performance.
CCData’s data suggests that lost spot volume moved to other exchanges such as HTX (previously known as Huobi), Bybit, and DigiFinex, while competitors OKX, Bybit, and Bitget saw an increase in their share of the derivatives market.
