BINANCE’S MARKET SHARE DROPS TO 2020 LEVELS
Crypto’s largest exchange, Binance, lost market share during Red September, while competitors captured more user trading volume.
According to an Oct. 3 CCDD report, Binance’s spot and derivatives trading volumes fell 23% and 21%, respectively, as centralized crypto exchange activity overall declined last month. Researchers at CCData said CEX volumes fell 17% in September, a historically tough month for digital assets.
The platform, founded by Changpeng Zhao, holds 27% of the spot market share and 40% of the derivatives market volume after the decline. The last time Binance held that spot and derivatives market share was four years ago in 2020.
The exchange, now led by CZ's successor Richard Teng, has weathered the storms of U.S. regulation since being sued by the Securities and Exchange Commission in June 2023.
Meanwhile, rival exchanges have benefited from the titans' waning dominance. CCData noted that Crypto.com saw a 40% surge in spot and derivatives markets last month.
