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The world's largest cryptocurrency exchange, Binance, has lost significant market share to global competitors, according to analysts from the research group The Block Research.
Over the past nine months, market shareSeychelles-registered cryptocurrency exchange Binance fell from 75% to 54% in a group of Asian players such as Upbit, Huobi, Bybit and OKX exchanges.
Specialists from The Block Research note that inIn the long term, Binance's market share will continue to fall to below 50%. The fall in Binance's share comes amid a general decline in trading volumes on all cryptocurrency platforms. Spot volumes across all exchanges were just $423 billion in August, the lowest since 2020.
Research Director at The Block ResearchSteven Zheng notes: A more precise reason for the decline in Binance’s market share is difficult to determine, since representatives of the exchange refuse to comment on the figures.
On the eve of the publication of The Block Research reportIt became known that the Binance cryptocurrency exchange has decided to completely leave Russia. The company is selling its Russian business to partner company CommEX.