Binance’s market share drops to lowest level since October.
Binance’s market share has reached its lowest level in eight months, as shown by data from CCData.
Despite still being the largest cryptocurrency platform in terms of trading volume, Binance’s market share has consistently decreased over the past three months after hitting a yearly high of 57% in February 2023.
In May, Binance’s market share fell to 43%, while its spot trading volume dropped to $212 billion, marking the lowest monthly volume since November 2020, when it traded $176 billion. In April, the exchange recorded a trading volume of $287 billion.
This decline comes as the exchange has faced scrutiny from U.S. regulators and has shut down its operations in Canada due to regulatory concerns. There have also been reports of Binance potentially laying off up to 20% of its staff.
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Binance’s Australian branch also faced issues earlier this week, with BTC trading at a 20% discount on Binance Australia after the platform halted Australian dollar bank transfers.