Increasing volatility issues and ongoing regulatory uncertainties are affecting the market share of cryptocurrency giant Binance.
According to data from cryptocurrency data provider CCData, Binance’s total market share in the spot market was of 38.5% Then in September to 34.3% declined. This rate was in January up to 55.2% had risen.
Binance’s market share in derivative markets increased in January while it was 62.6% in August 53.5%in September 51.5% was measured as .
Binance recently implemented zero transaction fees campaign positively affected the activity on the platform, but this campaign ended last month. The exchange is also not registered with regulators in the United States. CFTC and SEC cases faced with.
Jacob Joseph, a research analyst at CCData, said this about the decline in Binance’s market share:
The end of the zero transaction fee campaign for popular trading pairs and the anxiety caused by the regulatory pressure on the stock market contributed to this decline.
According to the analyst’s comments, some of the market share lost by Binance went to exchanges such as HTX, Bybit and Digifinex. In the derivatives market, OKX, Bybit and Bitget increased their market shares.