According to CCData data, since the beginning of August, approximately 12,230 Bitcoins have flowed out of the Binance platform, worth approximately US$330 million.
According to researchers, there was also an outflow of approximately 198,200 Ethereum worth approximately $323 million. Binance’s spot market share has dropped to 33.9% from 56.9% in March, and Binance.US’s market share is also declining.
CCData research analyst Jacob Joseph said Binance’s trading volume has been steadily declining since it stopped its zero-fee trading promotion on the USDT currency pair in March.
The end of the zero-fee promotion isn’t the only reason, as current regulatory concerns surrounding Binance may prompt users to switch to other platforms.