Binance, the world’s leading cryptocurrency exchange, has seen its spot market share decline for the seventh consecutive month. According to data from CCData, the exchange’s spot market share fell from 38.5% in August 2023 to 34.3% in September 2023.The trading volume that Binance lost went to other cryptocurrency exchanges such as HTX (formerly Huobi), OKX, Bybit, Bitget, and DigiFinex. The platform’s 7-day trading volume for Bitcoin (BTC) also declined by 57% since early September. In derivatives, the platform’s market share fell from 53.5% to 51.5% in August.One of the major reasons behind the platform’s decline in spot market share is due to the halting of its zero-fee promotion activity in September. The zero-fee promotion initially helped to boost the trading activity in the platform but since the halting of the zero-fee promotion, investors have been seeking other alternative platforms.The platform’s 7-day average volume fell by 26% in the first week of September. Also, since the incentive expired, the trading pair’s BTC/TrueUSD seven-day average volume fell by 89%.In addition, the platform’s share of all spot trading experienced a decline from 65% to 58.8% right after it ended its zero-fee campaign for trading in Bitcoin cryptocurrency pairs in March.The exchange’s legal troubles are also believed to be a factor in the decline in spot market share. Binance and its Chief Executive Officer Changpeng CZ Zhao are facing several lawsuits filed against them by the United States Securities and Exchange Commission (SEC) and the United States Commodity Futures Trading Commission (CFTC). Binance and Changpeng have filed a joint motion against the SEC to dismiss the lawsuit.
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 | negative |
| Relevance Score | 8 |
| People | Jacob Joseph, CFTC., SEC, Changpeng CZ Zhao |
| Companies | OKX, Bybit, HTX, Bitget, DigiFinex, Binance, United States Commodity Futures Trading Commission (CFTC), United States Securities and Exchange Commission (SEC) |
| Currencies | US Dollar, TrueUSD, BNB, Ethereum, Bitcoin |
| Securities | None |
