As offshore marketplaces become more diverse, Binance's share of the Bitcoin market has dropped to 55%, while Bybit has risen from 2% to 9.3% to take the lead.

Since its extensive Bitcoin zero-fee campaign was discontinued a year ago, Binance has seen a decline in its market share in Bitcoin trading outside of the United States, with its share falling from 81.3% to 55.3%.

The same pattern can also be seen with smaller altcoins, where Binance's share decreased from 58% to 50.5%, according to statistics from Kaiko.

The adjustments were ascribed by analysts at the Paris-based company to the market's increasing competitiveness, since smaller exchanges are becoming more popular as trade volumes increase.

Bybit and OKX, for instance, are growing in popularity, particularly in regions such as Asia, where Bybit's non-US Bitcoin trading share increased from 2% to 9.3%, while OKX's increased from 3% to 7.3%. The experts highlighted that Bullish, MEXC, and Bithumb also had notable rises.

As a result of constraints placed on the exchange by its $4.3 billion agreement with US regulators, Binance is currently experiencing difficulties.

Even though Binance COO Noah Perlman saw the transaction as a chance for improvement, he previously stated that the exchange is facing difficulties as a result of the monitoring agreement with US regulators.

According to Perlman, the United States is now serving as a "authorised referee.

" Although Binance is "not thrilled to have it," the exchange views it as a chance to "continue to enhance the programmes, procedures we have."