Binance’s Rivals Muscle In on Bitcoin Trading Around the World

Crypto exchanges are eating into Binance’s share of Bitcoin trading outside the US as overseas expansion efforts and changing regulations reshape the competitive dynamics of the digital-asset industry.

Over the past year, the world’s largest crypto exchange saw its share of such Bitcoin trading drop to 55.3% from 81.3%, according to research firm Kaiko. For smaller tokens known as altcoins, the proportion fell to 50.5% from 58%.

Kaiko pegged the changes to Binance’s decision to end a promotion that scrapped trading fees. “Offshore markets have become less concentrated, with smaller exchanges gaining momentum as trade volumes recovered,” the company’s ...