Binance Woes Pile Up as Market Share Dives After No-Fees End
- Market share fell some 7% in one week, Kaiko estimates
- Binance launched zero-fee campaign during ‘22 market turmoil
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Binance, the cryptocurrency exchange that was sued by US Commodity Futures Trading Commission on Monday, faces another pressing issue: a steep drop in market share.
Binance’s share of all spot trading shrank to 58.8% as of March 26 from 65% a week earlier, according to data from researcher Kaiko, after it ended a zero-fee campaign for trading in Bitcoin cryptocurrency pairs. That means the exchange has given back nearly half of the market share gains Kaiko estimates it had reaped since starting the campaign in July.