July 4 (Cointime) - Binance's spot trading volume dropped by almost 70% in Q2 after the exchange reintroduced fees for its most liquid Bitcoin pairs, according to data from Kaiko. The decline was not limited to Binance alone, as spot trading activities on other exchanges such as Coinbase, Kraken, OKX, and Huobi fell by more than 50% during this period.
The increased regulatory pressure across multiple jurisdictions, including the United States, Europe, and Nigeria, during the second quarter also affected Binance's performance. The exchange lost its Euro payment partner and exited several markets within the region, including Austria, the Netherlands, Germany, and Cyprus.
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