Last weekend, user activity on the cryptocurrency exchange Binance fell to its lowest level in eight months.
The amount of bitcoin transactions was at its lowest since July 4, 2022, according to Kaiko platform data.
Turnover of 13 trading pairs declined by about 30% on Sunday. The exchange’s share of the spot market fell from 70% to 58%.
The researchers’ report said that the amount of BTC trades paired with USDT collapsed by 90%.
According to Kaiko analyst Clara Medali, the fall in Binance’s share was the result of the return of commissions for BTC transactions.
Another blow to the exchange was caused by a lawsuit filed against it by the Commodity Futures Trading Commission (CFTC).
The U.S. regulator accused the trading floor of violating the laws for derivatives market participants and serving traders without registration.
After the media reported on the publication of the lawsuit, bitcoin began to fall in price. Within a week, Binance’s share of the spot market shrank nearly 10 percent.
A two-hour software failure a few days ago also contributed to the weakening of the trading platform’s users.