“Binance’s market share has dropped to the lowest level in the past four years,” reads a report by CCData, published on Thursday. According to the company, in September, the exchange’s share in the total volumes of spot and derivatives trading fell to 36.6%, marking the worst result since September 2020.

It is reported that Binance’s spot trading volumes decreased by almost 23% compared to August, while its market share in spot trading dropped to 27%, the lowest level since January 2021. Derivatives trading volumes also fell by 21%, representing 40.7% of the total volume of derivatives trading on centralized exchanges.

One of the beneficiaries of Binance’s shrinking market share was Crypto.com, which increased its spot and derivatives trading volumes by more than 40% in a month, CCData notes.