Fiat exchange volumes fell for the fifth month in a row in September

September marks the fifth month in a row during which fiat exchange volumes fell, according to The Block’s Data Dashboard. 

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Of the crypto exchanges with fiat support, FTX saw the most volume in September — 24.6%. Next was Coinbase with 22.7%, followed by Upbit with 13%.

Exchanges reported $210.6 billion in total fiat exchange volume during Sept., compared to $219 billion in August.

The month-over-month change between August and September was -3.8%, though the largest decrease in the last five months was between May and June at -20%. 

Falling crypto exchange volume and the broader crypto market downturn spurred many of these companies to conduct layoffs in recent months. In June, Coinbase laid off 18% of its employee base. The next month, Gemini cut its staff by 68 positions.