Newly published data indicate a decrease in Binance's USD/BNB participation in the cryptocurrency market, a situation that correlates with the interruption of its zero fee Bitcoin USD/BNB commercial offer.
He report published by CCData in mid-May shows that the trading platform's market share fell for the second month in a row in April, settling at 46.3%, which is the lowest since October 2022.
Binance's decision to cancel its zero-fee Bitcoin trading offering for most trading pairs appears to be the main trigger for the crash.
Previously, Binance held the largest share of the market, with figures showing its share as high as 57.5%.
The report also highlighted that Binance spot trading fell 48.1% to $287 billion in April.
Also read: The Binance Shake-Up in Australia: Are AUD Bank Transfers Gone Forever?
While the next largest exchanges, Coinbase Global Inc. CURRENCY and OKOnly accounting for 5.60% and 5.39% respectively, of the total spot trading market, smaller exchanges have started to pick up speed.
Notably, upbit it now represents 4.77% of the market share as of April, up from 2.81% at the beginning of 2023.
Meanwhile, Binance continues to evolve its operations. The trading platform announced on May 12 its plans to exit the Canadian market due to new regulations.
Shortly after this announcement, rumors surfaced about the company's intentions to reduce its workforce by 20% in June, in conflict with the previous company. statements indicating that there are no layoffs planned.
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