Binance Holdings Ltd. is losing ground to other offshore platforms as the world’s largest crypto exchange confronts regulatory challenges and reduces zero-fee incentives for users.

The market share of Binance has dropped to 73% in mid July from 90% at the beginning of the year, based on spot trading volume data from Kaiko. Meanwhile, OKX’s share rose to 11%, nearly doubled from January. Huobi and Bybit have also increased their market share, now representing 9% and 7%, respectively, of global spot crypto trading volume.

Binance’s dominance was undermined by lawsuits filed by the Commodity Futures Trading Commission and the Securities and Exchange Commission, which alleged that the platform didn’t register with US regulators. The end of its zero-fee trading programs also hurt its market shares, according to Clara Medalie, director of research at Kaiko. Binance still offers a zero-fee trading pair between Bitcoin and TrueUSD, a relatively obscure stablecoin.

In the wake of the SEC’s crackdown, Binance.US, the American entity, has seen a dive in market share and worsening discounts on token prices on the platform, making it more difficult for American investors to offload holdings.

Historically catering to the Asia market, OKX, Huobi and Bybit are beneficiaries of a friendlier regulatory environment in Hong Kong, said Medalie.“Ever since Hong Kong loosened digital asset restrictions, the exchanges have taken advantage of the friendlier regulatory environment.”