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 ... (full story)