While Binance and other centralized exchanges saw activity decline in September, Crypto.com witnessed its trading volume reach an all-time high.
Global crypto exchange Binance experienced a significant decline in trading activity in September.
According to a CCData report, trading volume for derivatives on Binance fell by 21% to $1.25 trillion in September, the lowest level since October 2023. With the decline in activity, the exchange’s derivatives market share stood at 40.7% at the end of the month — the lowest since September 2020.
The downward trend also affected spot trading volume, which dropped by 22.9% to $344 billion, marking the lowest monthly spot volume since November 2023. The decline in spot trading reduced Binance’s market share to 27%, the lowest since January 2021.
