Binance experienced a significant decline in trading activity in September. According to a CCData report, Binance’s derivatives trading volume fell by 21% to $1.25 trillion, the lowest level since October 2023. With this decline, the exchange’s market share in the derivatives market fell to 40.7%, the lowest rate since September 2020.

Spot trading volume also fell by 22.9% to $344 billion, the lowest monthly spot volume since November 2023. This decline brought Binance’s market share down to 27%, the lowest level since January 2021.

In total spot and derivatives trading, the exchange’s overall market share fell to 36.6%, the lowest level since September 2020. However, Binance still leads the global spot trading market among centralized exchanges.

Meanwhile, Crypto.com continues to rise among centralized exchanges. Spot and derivatives trading volumes increased by 40.2% and 42.8%, respectively, to $134 billion and $149 billion. With a combined market share of 11% in September, Crypto.com became the fourth-largest exchange by volume.

Overall trading activity also reflected Binance’s decline. Total spot and derivatives trading volume fell 17% to $4.34 trillion, the lowest monthly volume since June. Analysts expect a revival in trading activity as the US Federal Reserve increases interest rate cuts.

Share your thoughts in the comments. Do you think Binance’s decline is temporary?