According to data from CCData, Binance’s market share hasplummetd to the barest minimum level in previous eight months. However the exchange is still by far the most extensive cryptocurrency route by trading volume, consecutively over the past three months, it’s market share reduce after topping a yearly high of 57% in February 2023.
The market share of binance plummetd to 43% in May, while its spot trading volume dunked to $212 billion, recording the lowest monthly volume recorded since November 2020, when it traded $176 billion. Also, the exchange saw $287 billion worth of trading volume in the month of April,
In recent times, the amount the exchange closed operations in Canada, suffering scrutiny from US regulators. It is also expected that binance is laid off as 20% of its staff.
Although,Same issue was encountered by the Exchange ‘s Australian arm recently, BTC trading at 20% discount on binance Australia following the interruption of Australian dollar bank transfer.