Binance Spot Market Share Drops For 7th Month
According to reports, major cryptocurrency exchange Binance has kept losing market share despite persistent regulatory problems in the United States.
According to research from cryptocurrency data source CCData, Bloomberg reported on October 5 that Binance’s spot market share decreased for a seventh straight month in September 2023.
Binance’s spot market share decreased from 38.5% in August to 34.3% in September, according to the research. Binance had a 55.2% share of the spot market in January 2023.
Binance has been losing market share in the futures market in addition to the spot market. The research claims that Binance’s market share for derivatives decreased from 53.5% in August to 51.5% in September. The exchange controlled more than 62% of the market for derivatives in January.
CCData research analyst Jacob Joseph suggests that Binance’s market share loss is not solely due to regulatory issues in the U.S. but also due to the halting of its zero-fee trading promotion for major trading pairs.
(With inputs from Shikha Singh)
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