Binance, one of the world’s largest cryptocurrency exchanges, has seen its market share drop for the seventh consecutive month in September 2023. According to data from cryptocurrency data provider CCData, Binance’s spot market share fell from 38.5% in August to 34.3% in September, and its derivatives market share tumbled from 53.5% to 51.5%.Research analyst Jacob Joseph believes that Binance’s regulatory challenges in the U.S. and the halting of its zero-fee trading promotion for major trading pairs are the main reasons for the drop in market share. Binance has also been exiting some of its key markets this year, including Russia, where it sold its entire local business to a newly-launched CommEx exchange.In early September, Binance introduced changes to its trading fees, re-applying a regular taker fee based on the user’s VIP level. Binance’s lost spot trading volume has been distributed among exchanges like HTX (formerly Huobi), Bybit and DigiFinex, while rival exchanges like OKX, Bybit and Bitget have reportedly also picked up market share in derivatives.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 9 |
| People | OKX, Bybit, CommEx, HTX, Jacob Joseph, Bitget |
| Companies | OKX, Bybit, Huobi, HTX, Bitget, DigiFinex, Binance, Formula E, Minecraft |
| Currencies | Huobi, MyBit, Ethereum, Bitcoin, DigiFinex |
| Securities | None |
