Over the weekend, user activity on the Binance crypto exchange fell to its lowest level in eight months.
The amount of transactions with bitcoin was at its lowest level since July 4, 2022, according to data from the Kaiko platform.
The turnover of 13 trading pairs fell by about 30% on Sunday. The share of the exchange in the spot market fell from 70% to 58%.
The researchers report says that the amount of transactions in BTC paired with USDT has collapsed by 90%.
According to Kaiko analyst Clara Medali, the drop in Binance’s share was the result of the return of fees for BTC transactions.
Another blow to the exchange was a lawsuit filed by the Commodity Futures Trading Commission (CFTC) against it.
The American regulator accused the trading platform of violating the legislation for participants in the derivatives market and serving traders without registration.
After the media reported on the publication of the lawsuit, bitcoin began to fall in price. Over the week, Binance’s share of the spot market dropped by almost 10%.
A two-hour software outage a few days ago also contributed to the weakening of the trading platform user activity.
