Zero-fee trade volume accounted for 66% of Binance’s trading volume in mid March prior to the exchange's decision to curb the zero-fee promotion. LedesmaLyllah reports
. “It is unclear why Binance has chosen to promote its TUSD pair, although it appears the exchange has selected the stablecoin as a successor to BUSD, which is being phased out because of regulatory actions in the U.S,” the report from Kaiko said.
Before zero fees started on July 8, 2022, Binance’s trading market share for the 13 BTC pairs was just 25% before more than doubling. “It has now been just 5 days since fees were reinstated, and market share has halved and is currently below 30%,” the report said.a two hour outage last week, the result of a computer bug that forced it to suspend spot market trading and could have contributed to the drop.
In recent weeks, Binance has also endured increased regulatory scrutiny. On Monday, the U.S. Commodity Futures Trading Commission sued the exchange and founder Changpeng “CZ” Zhao on allegations the company knowingly offered unregistered crypto derivatives products in the U.S. against federal law.Market share of Tether USD on the exchange has dropped from 81% to 68%, whereas, TUSD volumes have had a small increase, climbing to $5 million. However, the BTC-TUSD pair only accounts for 2.
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