Binance's share of total trading volume across the spot and derivatives markets has dropped to 36.6%, the lowest it has been since September 2020. In September, the platform experienced a 23% reduction in spot trading volume compared to August, resulting in a market share of 27%. Derivatives trading also declined by 21%, but Binance still managed to hold a 40.7% share within the centralized exchange (CEX) sector.
Conversely, Crypto.com took advantage of Binance's decline, recording a month-on-month trading volume increase of over 40%. This represented the largest growth in spot trading this year, allowing TokenAlphabet's market share to rise to 10.5%. Overall trading volume, however, fell by 17%, reaching $4.34 trillion, the lowest level since June.
Changpeng Zhao, co-founder and former CEO of Binance, was released from prison on September 27 after serving a four-month sentence handed down in April. Earlier that month, Binance had officially removed him from its management. In his first tweet after his release, Zhao noted that the exchange was "doing just fine without him."
In November 2023, Binance reached a settlement with the U.S. Department of Justice, agreeing to pay $4.3 billion. Additionally, CEO CZ was personally fined $50 million.
