Binance’s Spot Market Share Falls 34.3%
The activity of users on Binance has been negatively impacted by the challenges faced by the largest Bitcoin exchange.
Its attractiveness took a hit when the exchange made the decision to exit the Russian market.
According to CCData, Binance has seen a decrease in its share of the spot market for seven consecutive months.
In August, the exchange accounted for 38.5% of digital currency transactions, but this fell to 34.3% in September.
In comparison, Binance held 55.2% of the market share in January. Additionally, the exchange’s dominance in the crypto derivatives market also decreased from 53.5% in August to 51.5% in September.
This decline in Binance’s trading activity can be attributed to the removal of zero commissions.
Other exchanges such as OKX, Bybit, and Bitget took advantage of Binance’s problems and saw an influx of new users, as noted by CCData analyst Jacob Joseph.
