Binance, the largest cryptocurrency exchange, is experiencing a decline in market share, with its spot trading volume decreasing from 52.5% in October 2023 to 39.5% in October 2024, marking a 13% year-over-year drop. Its crypto derivatives market share also fell from 50.9% to 42.5%. Competitors such as Bybit, Bitget, and OKX are gaining ground as Binance's share dwindles. In contrast, decentralized exchanges (DEXs) have witnessed significant growth, with trading volumes surpassing $250 billion monthly since March and June 2024. As of mid-October, DEX trading stood at 13.6% of the total trading volume of centralized exchanges. Despite losing share, Binance remains dominant, handling over $14.8 billion in trading volume and receiving 11.8 million visits weekly. The report highlights an overall cumulative trading volume of $54 trillion among the largest centralized exchanges, with Binance accounting for over $22.5 trillion. Legal troubles continue to overshadow Binance, particularly following a lawsuit by the SEC claiming securities violations and misappropriation of user funds, though no conclusive evidence was found.

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