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Binance's Crypto Market Share Sinks to 4-Year Low

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Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

Last month, Binance's combined market share in spot and derivatives volume dropped to its lowest level since September 2020, according to CCData.

Overall trading volumes in September fell to the lowest since June, with trading activity expected to pick up in the last quarter amid Fed rate cuts, CCData said. Crypto exchange giant Binance's lead over rivals melted to its narrowest in four years as rivals grabbed market share, CCData said in a Binance handled 36.6% of overall spot and derivatives trading volume on centralized crypto exchanges, the exchange's worst result since September 2020.

Its spot trading dropped by nearly 23% from August, driving its spot market share down to 27%, the lowest reading since January 2021, the report said. The platform's derivatives trading also declined 21%, representing a 40.7% market share among centralized exchanges, the lowest level since September 2020.One of the beneficiaries of Binance's decline was Crypto.com, which grew its spot and derivatives trading volume by more than 40% on a month-to-month basis, CCData pointed out.

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