Binance, the world’s largest cryptocurrency exchange by trading volume, has seen its share of the spot market gradually decline over the past year.

According to data provided by CCData, Binance’s market share as of December was 30.1%, up from 55% at the beginning of the year. From January to September 2023, the exchange’s monthly trading volume decreased by more than 70%, from $474 billion to $114 billion. However, CCData points out that although the market share has declined, monthly trading volume has increased since September.

In November, Binance and then-founder and CEO Changpeng Zhao agreed to pay a $4.3 billion settlement to the Department of Justice. It will also pay a settlement to the U.S. Commodity Futures Trading Commission (CFTC). Additionally, Mr. Zhao has stepped down as CEO.

Despite the decline in market share, Binance remains the world’s largest crypto exchange by a wide margin. According to CCData, Seychelles-based OKX is in second place after Binance’s 30%, with its share increasing from about 4% at the beginning of the year to 8% as of December.

These trends are similar when combining spot and derivatives trading, with Binance’s combined market share falling from 60% to 42%, while OKX’s increased from 9% to 21%.

｜Translation/Editing: CoinDesk JAPAN Editorial Department
｜Image: CoinDesk/CCData