Crypto’s largest exchange, Binance, lost market share during Red September while competitors captured more user trading volume. According to an Oct. 3 CCData report, Binance spot and derivatives trading volumes declined 23% and 21% each as centralized crypto exchange activity generally dwindled last month. CCData researchers said CEX volumes dropped 17% in September, a historically tough month for digital assets. The platform founded by crypto dynamo Changpeng Zhao represented 27% market share in the spot sector and 40% of the derivatives market volume following the decline. Binance last held this spot and derivative market share four years ago, in 2020.
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A recent HarrisX survey commissioned by blockchain giant Consensys indicates that nearly half of U.S. voters view a pro-crypto stance as important, with 12% more likely to consider candidates from the opposing party if they promote favorable crypto policies. In a press release on Oct. 1, Consensys revealed that the survey, which included a geographically representative sample of 1,664 registered voters, highlights that 85% of crypto voters expect presidential candidates to adopt pro-crypto positions. More than 90% of crypto owners intend to vote, emphasizing their influence, particularly in swing states like Michigan, Pennsylvania, and Wisconsin with “strong divisions on crypto regulation preferences.” While 56% of respondents support Donald Trump‘s pro-crypto views, only 54% of voters believe it is crucial for Vice President Kamala Harris to clarify her stance on the issue.
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Crypto exchange Gemini has announced its exit from the Canadian market, joining several other platforms that have left due to the country’s strict regulatory environment. Canadian customers of the Winklevoss-founded exchange reported receiving an email urging them to withdraw their funds by Dec. 31, giving them 90 days to move their assets. According to the Sept. 30 notice, all Canadian accounts will be closed by the given deadline “with limited exceptions.” Users have been asked to withdraw their crypto and fiat balances. The move comes as a surprise, considering that the exchange previously described Canada as an “essential market” for its international expansion. Gemini’s decision to exit Canada mirrors that of other major platforms like Binance, OKX, dYdX, and Bybit, all of which have struggled to navigate the regulatory environment. These exchanges have cited the complexity and cost of compliance with Canadian regulations as primary factors in their decision to leave the market.
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