RBC reports that Binance's share of the crypto market fell by 16% in the first quarter of the year, according to the Kaiko analytical platform. The report points to the CTFC lawsuit and the elimination of zero fees on Binance as factors influencing the declining share of the leading crypto exchange in the spot market.
CryptoCompare's January report states that Binance's share was 66.7% at the end of 2022. Binance dominated the cryptocurrency market for several years, and the abolition of trading fees and the collapse of competitor FTX led to a migration of users to Binance at the end of last year.
Starting March 22, 2023, Binance has eliminated all zero fees on Bitcoin trading pairs, except for the TrueUSD pair. Since June 2022, there have been no fees charged on the platform in 13 pairs such as BTC/USDT, BTC/BUSD, BTC/USDC, BTC/EUR, BTC/TRY. As of mid-March 2023, Kaiko analysts reported that zero-fee trades make up the majority of trading volume on Binance, at 66%.