Crypto exchange Binance is losing its lead over its competitors as its business faces regulatory headwinds across the globe, a new report from digital asset data provider CCData shows. 

The report, published on October 3, reveals Binance processed 36.6% of volume for spot and derivatives trading on centralized trading platforms in September, roughly 22% more than its closest competitor, OKX. 

Binance’s spot trading volume dipped more than 20% last month, leaving it with a 27% share of the spot market, according to the report.  It marks the lowest level of market dominance for the seven-year-old exchange since September 2020

A spokesperson for Binance did not immediately return a request for comment.

As for derivatives trading volumes, Binance held nearly 41% market share in September due to a more than 20% decline in derivatives trading on its platform. By comparison, the next most popular exchanges for derivatives trading, OKX and Bybit, held 18.4% and 15.3% market share, respectively. 

The narrowing of Binance’s lead over its competitors comes amid a broader shrinking of spot and derivatives trading on centralized crypto exchanges. Spot and derivatives trading

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Author: Liz Napolitano