TechFlow news, October 7 — According to a recent report by CCData, Binance's market share has dropped to 36.6%, marking its lowest level in four years. The decline in Binance's market share is primarily attributed to two factors: increasing regulatory scrutiny from authorities worldwide and the rapid rise of competitors.
Binance's market share has been steadily declining since March 2024. Earlier this year, its market share stood as high as 42.7%, but it has significantly decreased within just a few months. Additionally, Binance's spot trading market share has fallen to 27%, the lowest level since January 2021.
Over the past year, Binance has faced significant regulatory challenges. In 2024, Binance reached a settlement with the U.S. Department of Justice for violating sanctions regulations, agreeing to pay a $4 billion fine. Subsequently, Changpeng Zhao, Binance's co-founder and former CEO, resigned amid legal issues and was sentenced to four months in prison.
