Binance’s market share in non-dollar exchanges drops by 25%

Binance’s market share in non-dollar crypto exchanges has declined by nearly 25% since the beginning of 2023.

According to data, the projected market share for Binance in September 2023 will be 50.76%. Market share fell sharply in April before briefly recovering in June. It has since continued contracting.

“Binance finished 2022 with a 75% market share among a group of platforms that also includes major Asian players like Upbit, Huobi, Bybit and OKX — but that figure declined steadily throughout the year, hitting 54% in August.”

The Block

In March 2023, Binance’s trading volume was $556.36 billion but fell to $192.12 billion by August.

Analysts predict trading volumes to contract in September. Binance’s removal of zero fees for popular trading pairs may negatively impact activity and, thus, volume.

With Binance losing market share, Upbit, a non-dollar crypto exchange, has added 5.5% over the past month. 

Binance remains under increased regulatory scrutiny and has since exited several markets, including the Netherlands and Russia. 

In the United States, the Securities and Exchange Commission (SEC) has filed 13 charges against the company, its founder Changpeng Zhao, and the American subsidiary BAM Trading Services Inc.