Binance's Crypto Market Share Sinks to 4-Year Low
Binance's market share in centralized crypto exchanges has dropped to its lowest level in four years, handling 36.6% of overall trading volume. Spot trading fell nearly 23% from August, reducing its market share to 27%, the lowest since January 2021. Derivatives trading also declined by 21%, resulting in a 40.7% market share, the lowest since September 2020. Crypto.com benefited from Binance's decline, increasing its trading volume by over 40% month-to-month and capturing a 10.5% market share in spot trading. Overall trading activity on crypto exchanges decreased by 17% in September. Increased regulatory scrutiny on Binance includes a proposed amended complaint from the SEC regarding its token listing practices and a $4.3 billion settlement for operating as an unregistered broker. Founder Changpeng Zhao was sentenced to four months in prison for violations related to KYC systems but was released last week.
