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 Binance’s lost spot trading volume has been reportedly distributed among exchanges like HTX (formerly Huobi), Bybit and DigiFinex.
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 Major global cryptocurrency exchange Binance has reportedly continued to lose its <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> <a rel="noopener noreferrer nofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a> amid ongoing regulatory issues in the United States.
 Binance’s spot market share fell for a seventh consecutive month in September 2023, Bloomberg reported on Oct. 5, citing analysis from cryptocurrency data provider CCData
 According to the report, Binance’s spot <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> <a rel="noopener noreferrer nofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a> dropped from 38.5% in August to 34.3% in September. In January 2023, Binance’s spot <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> <a rel="noopener noreferrer nofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a> accounted for as much as 55.2%.
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/06/0ab054281785c97093c6395a36fadd37.webp">
 <figcaption style="text-align: center;">Binance's global spot market share percentage chart year-to-date. Source: Bloomberg
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 Apart from the spot market, Binance has also been losing market share in the derivatives market. According to the report, Binance’s derivatives market share tumbled from 53.5% in August to 51.5% in September. In January, the exchange’s market dominance in the derivatives market accounted for more than 62%.
 According to CCData research analyst Jacob Joseph, Binance’s regulatory challenges in the U.S. are not the only reason the exchange has lost its market share. The analyst believes the drop is also a result of Binance halting its zero-fee trading promotion for major trading pairs.
 Binance's market share drop also came as Binance wraps up services in some of its key markets this year. In September, Binance announced its full exit from Russia, selling its entire local business to a newly-launched CommEx exchange,&nbsp;founded by undisclosed entities. Russia was one of the biggest markets for Binance, with Russian visitors accounting for nearly 7% of the platform's traffic.
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 Binance introduced&nbsp;changes to its trading fees in early September, re-applying a regular taker fee based on the user’s VIP level. For example, Binance started charging a 0.1% taker fee on spot and margin trades from regular users.
 According to the report, Binance’s lost spot trading volume has been distributed among exchanges like HTX (formerly Huobi), Bybit and DigiFinex. Rival exchanges like OKX, Bybit and Bitget have reportedly also picked up <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> <a rel="noopener noreferrer nofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a> in derivatives.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/binance-spot-market-share-drops-for-7th-consecutive-month-report-tbt65353.html">https://thebittimes.com/binance-spot-market-share-drops-for-7th-consecutive-month-report-tbt65353.html</a>

Binance spot market share drops for 7th consecutive month: Report

TheBitTimes

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