(Bloomberg) -- Binance’s rehabilitative efforts appear to be slow to take root, with the largest crypto platform’s share of trading volume in the roughly $2 trillion digital-asset market falling in September to the lowest level in four years.

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The market share of the world’s biggest crypto exchange shrunk to 36.6% last month, down from 42.7% at the start of the year, according to researcher CCData. Binance’s 27% share of the spot market is the least since January 2021, while it accounts for 40.7% of derivatives trading, also the lowest in four years.

Binance has been losing market share since March 2023, as it’s grappled with regulatory actions and increased scrutiny worldwide. Last year, it settled with the US Justice Department and several other agencies over charges including sanctions violations and agreed to pay a $4 billion fine. Its co-founder and then-Chief Executive Officer Changpeng Zhao resigned and served four months in jail. Binance’s new CEO, Richard Teng, is a former regulator himself, and has been focused on talking with regulators scrutinizing Binance worldwide.

Combined spot and derivatives trading volumes on all centralized crypto exchanges dropped 17% in September, typically a seasonally weak month, to the lowest level of monthly activity since June, according to CCData. Binance saw the most severe market-share decline last month among top exchanges, according to CCData.

A Binance spokesperson didn’t immediately return a request for comment.

Several smaller centralized competitors like Bybit, Bitget and Crypto.com have recently gained share, according to CCData.

“This trend may reflect the growing confidence of crypto participants in other platforms, which offer a comparable user experience with low trading fees, minimal slippage, and high market liquidity,” said Jacob Joseph, senior research analyst at CCData.

Earlier in the month, Binance became the first centralized crypto exchange to surpass over $100 trillion in lifetime trading volume, CCData said.

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