New data from blockchain tracker CCData shows that the market share of the world’s largest crypto exchange has fallen to its lowest level in four years.
CCData says Binance’s share of the derivatives market fell to 40.7% in September, the lowest since September 2020.
Total market share in the combined spot and derivatives markets also fell to 36.6%, the lowest in the past four years.
Spot trading volume on the platform also fell 22.9% to $344 billion, the lowest since November 2023 and representing Binance’s lowest spot market share (27%) since January 2021. The exchange also saw a 21.0% decline in derivatives trading volume to $1.25 trillion. , the lowest since October 2023.
Meanwhile, a Singapore-based crypto exchange is experiencing a surge in trading activity as Binance’s market share plummets.
In September, spot and derivatives trading volumes on Crypto.com rose 40.2% and 42.8% to $134 billion and $149 billion respectively, a record high for the exchange. The platform is now the fourth largest centralized exchange by volume, after its combined spot and derivatives market share rose to 11% last month.
“Considering individual exchanges, Binance (Grade A) was the largest spot exchange among centralized exchanges in terms of volume in September, with a trading value of $344 billion (down 22.9%). This was followed by Crypto.com (Grade BB) with a trading value of $134 billion, up 40.2% and Bybit (Grade AA), with a trading value of $122 billion (down 19.6%).”
Despite its poor performance over the past month, Binance recently made history as the first centralized crypto exchange to surpass $100 trillion in lifetime volumes.
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