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Cryptocurrency News Articles
Crypto Exchange Giant Binance's Lead Over Rivals Melts to Its Narrowest in Four Years
Oct 04, 2024 at 03:01 am
While Binance remains a giant in crypto trading, its volumes dropped over 20% in September versus the previous month, while rival Crypto.com's surged over 40%.
Binance's share of the crypto market fell to its lowest level in four years during September, as rival exchanges such as Crypto.com ramped up their trading volumes, according to new data.
Binance, the world's largest crypto exchange by trading volume, saw its spot and derivatives trading volumes drop by over 20% in September compared to the previous month, crypto data firm CCData said in a report on Thursday.
In contrast, Crypto.com's spot and derivatives trading volumes surged by more than 40% on a month-to-month basis, according to the report. Year-to-date, the exchange booked the largest gain in spot trading, increasing its market share to 10.5%.
Binance handled 36.6% of overall spot and derivatives trading volume on centralized crypto exchanges in September, marking its worst result since the same period in 2020, the report said.
Its spot trading dropped by nearly 23% from August, driving its spot market share down to 27% – the lowest reading since January 2021. The platform's derivatives trading also declined 21%, representing a 40.7% market share among centralized exchanges, which is the lowest level since September 2020.
Binance did not immediately respond to a request for comment by the time of publication.
Overall, trading activity on crypto exchanges waned last month with derivatives and spot trading volumes both falling 17%, the report noted.
September historically marks the end of a weak mid-year season in trading, giving way to a busier last quarter, CCData analysts said. "With catalysts such as increased market liquidity following the Federal Reserve’s interest rate cut and the upcoming U.S. election, trading activity on centralized exchanges is expected to rise in the coming months," the authors wrote.
Binance's waning dominance also coincided with increasing regulatory pressure on the exchange.
Last month, the U.S. Securities and Exchange Commission (SEC) filed a proposed amended complaint against Binance, scrutinizing the exchange's token listing practice. It was a follow-up on the regulator's June 2023 lawsuit, which alleged Binance operated as an unregistered broker, clearinghouse and trading venue, and offered unregistered securities. The exchange agreed to pay a $4.3 billion fine to various U.S. regulators to settle those charges.
The company's founder and former CEO Changpeng "CZ" Zhao pleaded guilty and was sentenced to four months in prison for violating the Bank Secrecy Act (BSA) by failing to set up adequate know-your-customer (KYC) systems at the trading venue. He was released last week.
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