Binance, the world’s largest exchange, has shed a significant portion of its market share in the last 12 months, a new report by oxScope shows.
The 0xScope team covered 22 of the biggest CEXes (in order of total market volume):
- Binance
- OKX
- Bybit
- Bitget
- MEXC Global
- Gate.io
- Crypto.com
- Huobi
- KuCoin
- Upbit
- Coinbase
- Bitrue
- LBank
- Kraken
- CoinEx
- BitMEX
- Bitstamp
- BtcTurk Pro
- bitFlyer
- Gemini
- Binance US, and
- Coinone
These 22 CEXs processed a total of $54 trillion in trading volume between October 9 2023 and October 9 2024.
The 22 exchanges covered in the report have a combined total spot trading volume of $14.6T over the past 12 months.
Binance led the field with a $5.78T volume or 39.54% market share. However, Binance’s market share loss is more evident in spot trading, where it had a 52.5% share last year, which translates to a 13% year-over-year loss.
According to the report:
- Bybit has become the biggest beneficiary of the slump by Binance. The exchange surged from the No. 7 spot last year with a 3.2% market share to just behind
- Binance at No. 2 with 8.51%, more than doubling its share.
- Meanwhile, OKX, now the third-biggest spot exchange, slightly climbed from 5.4% to 6.38%.
Binance’s downtrend has been a two-year narrative, the report adds.
REPORT | #Binance Loses Market Share from 75% in 2022 to 54% in 2023, Says Latest Report
Partial data for the month of September 2023 indicates that Binance’s market share is on track to decrease even further, potentially dropping below 51%, the researchers said.… pic.twitter.com/zJCaseM8Dy
— BitKE (@BitcoinKE) October 22, 2023
The exchange, which was dogged by regulatory challenges across the world for much of 2023, still had about 62% market share in October 2022, but it gradually decreased to as low as 30% by November 2023 before rebounding to above 40% for most of the first half of 2024.
REGULATION | #Binance Admits to Wrongdoings, to Pay $4 Billion Penalty as Founding CEO Steps Down
The U.S. Federal government also issued a warning to the rest of the cryptocurrency industry.https://t.co/wScRV3EGpb pic.twitter.com/Y4fYBhRmGm
— BitKE (@BitcoinKE) November 22, 2023
Binance leads the global CEX market, accounting for $22.5T of the total $54T market volume accumulated over the past 12 months, but the exchange’s market share decreased from 51.2% to 41.68%.
Three exchanges emerged as the biggest beneficiaries of Binance’s shrinking lead:
- OKX – from 13.4% market share to 16.19%
- Bybit – from 9.6% to 12.5%
- BitGet – from 7.0% to 10.28%
“Respectively, OKX, Bybit, and Bitget remained as the second-, third-, and fourth-biggest exchanges in the world. Staying firm in fifth place is MEXC Global, despite its year-over-year market share decrease from 6.9% to 4.1%.”
According to OxScope, CEXs are witnessing more competition from decentralized exchanges as their total volume jumps from below 10% of CEX figures to almost 15%.
March 2024, DEXes cumulatively processed over $250 billion in trades for the first time since December 2022, a milestone that has been repeated just three months later in June 2024, the report said.
Click here to read the full report.
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