Benzinga - In recent months, crypto behemoth Binance (CRYPTO: BNB) saw a dip in its market share by approximately 15 percentage points.
Previously dominating 62% of the market in spot crypto trading volumes in February, Binance's share since slipped to an estimated 47% this month.
Despite this decline, Binance continued to be the world's premier spot crypto exchange, as per The Block's Data Dashboard.
"We have a significant chunk of the market share at present. The desire to acquire more isn't there," The Block reported Binance's Chief Strategy Officer Patrick Hillmann as saying.
He further emphasized the company's welcoming stance towards increased competition, stating, "In truth, we desire more competition. It's beneficial to the marketplace and the industry as a whole."
Several factors have contributed to the drop in Binance's market share, including the recent discontinuation of zero fees on Bitcoin trading and a general slowdown in trading volumes over the preceding months.
A Binance representative said, "Once we terminated our zero-fee BTC trading promotion for the majority of trading pairs, we anticipated a drop in market share."
Also Read: Tether's Bitcoin Buying Spree: Risky Business Or Genius Strategy?
The representative stressed this wasn't a cause for concern and the company continues to boast robust financial health.
Binance's primary objective remains to cater to its user base by refining its existing offerings and persistently investing in compliance processes in anticipation of a future of regulatory certainty, the spokesperson added.
For a period from July last year to March this year, Binance offered zero fees on 13 Bitcoin pairs, including BTC/USDT, BTC/BUSD and BTC/EUR.
The platform's users can still enjoy free trading of Bitcoin against the stablecoin TrueUSD (CRYPTO: TUSD), as per information on its website.
In the meantime, rival platforms such as OKX and Coinbase Global Inc. (NASDAQ: COIN) have experienced a slight uptick in their market share in recent months.
Read Next: Ripple's $250M Power Move: Crypto Giant Snaps Up Swiss Firm Metaco
Photo: Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.