Binance’s market share has dropped to its lowest level in eight months, according to data from CCData.
Although the exchange is still the largest cryptocurrency platform by trading volume, it has seen its market share decline consecutively over the past three months after reaching a yearly high of 57% in February 2023.
Binance’s market share dropped to 43% in May, while its spot trading volume dipped to $212 billion, recording the lowest monthly volume recorded since November 2020, when it traded $176 billion. In April, the exchange saw $287 billion worth of trading volume.
This comes as the exchange has suffered scrutiny from U.S. regulators and has closed its operations in Canada due to regulatory concerns. There have also been reports that Binance may have laid off as much as 20% of its staff.
The exchange’s Australian arm also experienced trouble earlier in the week, with BTC trading at a 20% discount on Binance Australia after it halted Australian dollar bank transfers.