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The report, published on October 3, reveals Binance processed 36.6% of volume for spot and derivatives trading on centralized trading platforms in September, roughly 22% more than its closest competitor, OKX.
Binance's spot trading volume dipped more than 20% last month, leaving it with a 27% share of the spot market, according to the report. It marks the lowest level of market dominance for the seven-year-old exchange since September 2020
A spokesperson for Binance did not immediately return a request for comment.
As for derivatives trading volumes, Binance held nearly 41% market share in September due to a more than 20% decline in derivatives trading on its platform. By comparison, the next most popular exchanges for derivatives trading, OKX and Bybit, held 18.4% and 15.3% market share, respectively.
The narrowing of Binance's lead over its competitors comes amid a broader shrinking of spot and derivatives trading on centralized crypto exchanges. Spot and derivatives trading volumes fell to $4.3 trillion in September, down 17% from the month prior.
Binance has faced a series of regulatory hurdles in the past two years, stymying the exchange's plans to onboard more users and softening its grip on the global crypto market.
Last year, Binance was forced to pull out of the Dutch and German markets due to regulators refusing to give the trading platform the proper licenses to operate there.
Meanwhile, the exchange left Canada in May 2023 as Canadian regulators began implementing more stringent regulations in the country.
The exchange also faced legal troubles in the U.S. late last year when federal law enforcement and regulators charged the company with violating anti-money laundering laws.
The indictment also brought charges against Binance founder and former CEO Changpeng “CZ” Zhao, who spent several months in prison for his involvement in the case.
Edited by Sebastian Sinclair