Data shows Binance’s spot trading volume fell to a yearly low of $424.7 billion in Q2, marking a 22.7% decline.The data indicates that Binance’s spot trading volume reached a yearly low of $424.7 billion. This decline marks a 22.7% month-on-month decrease from $549.8 billion recorded in May 2024.
Also, although it saw an increase in market dominance from Q1 to Q2 of 2024, ending the first quarter with a 48.9% market share, it appears to be losing ground again. Historically, Binance’s market share was over 60% around 2022, but it has significantly declined over the subsequent years.journey in the industry has been marked by significant challenges, particularly concerning regulatory issues across various global jurisdictions. These regulatory hurdles have notably impacted its operations and competitive standing.
These setbacks have provided an opening for other exchanges like Coinbase and Bybit to erode some of the dominance the exchange once enjoyed.