Binance’s Spot Market Share Declined to 34.3% Last Month: CCData

The activity of users on Binance has been negatively impacted by the various issues it has faced.

A major blow to its appeal was the decision to pull out of the Russian market.

According to CCData, Binance’s dominance in the spot market has been on a downward trend for seven consecutive months. In August, the exchange accounted for 38.5% of digital currency transactions, while in September, this number dropped to 34.3%.

Binance’s market share was at its highest in January with 55.2% dominance. In addition, its presence in the crypto derivatives market also decreased from 53.5% in August to 51.5% in September.

This decline in trading on Binance can be attributed to the removal of zero commissions.

Other exchanges such as OKX, Bybit, and Bitget took advantage of Binance’s troubles and were able to attract a large number of new users, according to CCData analyst Jacob Joseph.