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Crypto’s largest exchange, Binance, lost market share during Red September while competitors captured more user trading volume.

According to an Oct. 3 CCData report, Binance spot and derivatives trading volumes declined 23% and 21% each as centralized crypto exchange activity generally dwindled last month. CCData researchers said CEX volumes dropped 17% in September, a historically tough month for digital assets.

The platform founded by crypto dynamo Changpeng Zhao represented 27% market share in the spot sector and 40% of the derivatives market volume following the decline. Binance last held this spot and derivative market share four years ago, in 2020.

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