-
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
Thursday
report.
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.
Binance
representatives
haven’t
returned
a
request
for
comment
by
publishing
time.
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.
Year-to-date,
the
exchange
booked
the
largest
gain
in
spot
trading,
increasing
its
market
share
to
10.5%.
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/6CK4CY64DJBURMSSELGTKJPAOY.png)
Market
share
change,
year-to-date
(CCData)
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
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.