Binance’s spot trading market share falls to 40% in 2023: Report

Crypto exchange Binance’s market share in spot trading has fallen to 40% in late 2023, compared to 62% a year ago.

According to the November 6 report by blockchain analytics firm 0xScope, the exchange has lost one-third of its market share in the past 12 months. “Binance’s spot trading volume has seen a significant decline in the past year, perhaps due to its listing strategy,” researchers wrote, “Most popular coins experienced a downturn immediately after being listed on Binance.” At the same time, Korean crypto exchange Upbit saw the most significant increase, with its spot market share increasing from 5% to 15.3% during the same period.

When all crypto trading volumes, including both…

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