Binance’s Market Share Plummets to 36.6% Amidst Regulatory Scrutiny and Leadership Changes

As reported by COINOTAG on October 7, recent findings from CCData highlight a significant downturn for Binance, with its market share plummeting to 36.6%, marking the lowest level in four years. This reduction is indicative of a larger trend since March, where intensified regulatory scrutiny from global authorities has substantially impacted the exchange’s operations. Initially holding a robust market share of 42.7% earlier in the year, Binance has experienced a sharp decline in less than a year. Moreover, Binance’s share of spot market trading volume has dipped to a mere 27%, the least it has been since January 2021. The exchange has faced numerous regulatory hurdles throughout the last year, culminating in a $4 billion settlement with the U.S. Department of Justice pertaining to sanctions violations. Following these considerable challenges, co-founder and former CEO CZ announced his resignation amid ongoing legal troubles, including a four-month prison term.