June 2, 2023 4:40 PM | 1 min read
New data released indicates a decline in Binance‘s (CRYPTO: BNB) share in the cryptocurrency market, a situation that correlates with the discontinuation of its zero-fee Bitcoin (CRYPTO: BNB) trading offer.
The report released by CCData in mid-May shows the trading platform’s market share fell for the second straight month in April, settling at 46.3%, which is the lowest it has been since October 2022.
Binance’s decision to terminate its zero-fee Bitcoin trading offer for most trading pairs appears to be the main trigger for the drop.
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Previously, Binance held the lion’s share of the market, with figures showing its share reaching a high of 57.5%.
The report also highlighted Binance’s spot trading dropped by 48.1% to $287 billion in April.
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While the next biggest exchanges, Coinbase Global Inc. (NASDAQ:COIN) and OKX, only account for 5.60% and 5.39% respectively, of the total spot trading market, smaller exchanges have begun to pick up speed.
Notably, Upbit now accounts for 4.77% of the market share as of April, compared to 2.81% at the beginning of 2023.
Meanwhile, Binance continues to evolve its operations. The trading platform announced on May 12 its plans to exit the Canadian market due to new regulations.
Shortly after this announcement, rumors surfaced about the company’s intentions to reduce its workforce by 20% in June, conflicting with earlier company statements indicating no planned layoffs.
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