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Market Share of Centralized Crypto Exchanges, by Trading Volume

4.4 | by Shaun Paul Lee

What is the Largest Centralized Exchange?

Binance remained the largest centralized exchange (CEX), with its market share at 43.7%.  Its spot trading volume rose to $427.1 billion in December 2023. This represents a 37.5% month-on-month (MoM) increase, having recorded $310.6 billion in November 2023. 

The second largest centralized exchange was Upbit, which had 9.3% market share, and spot trading volume of $90.7 billion in December 2023. This represents a 0.3% growth rate, having recorded $90.4 billion in November 2023. 

OKX ended December 2023 as the third largest exchange, with 8.9% market share, along with $86.8 billion of trading volume. 

 

Binance Market Share

Binance was the market leader amongst the centralized exchanges, with 52.6% market share of the total spot trading volume in 2023. However, it has been slowly losing market share throughout 2023, having started the year with 63.5%, before dropping to 43.7% in December. In absolute terms, it generated $3.8 trillion in trading volume in 2023. 

Binance had been facing regulatory pressure throughout 2023, which culminated in November, with the exchange agreeing to pay a $4.3 billion fine to settle with the Department of Justice (DoJ) and the Commodity Futures Trading Commission (CTFC) over financial breaches. Changpeng Zhao (CZ) also agreed to step down as CEO of the exchange. 

Upbit Remains Second Largest

Upbit managed to retain its position as the second-largest centralized exchange in 2023, having recorded $687.0 billion in spot trading volume. This translates into a 9.5% market share in the year. Upbit hit a yearly high of $90.7 billion in monthly spot trading volume in December. In 2023 Q4, Upbit recorded $238.2 billion in trading volume, up 93.5% QoQ. 

As South Korea’s largest cryptocurrency exchange, Upbit has benefited from the Kimchi Premium, where strong local demand for crypto assets has caused them to trade at a premium. 

OKX Rounds Up The Top 3

OKX was the third largest exchange in 2023, with a 6.7% market share or $485.9 billion in trading volume. In 2023 Q4 itself, OKX managed to pull in $177.9 billion in trading volume, a 151.6% gain QoQ. 

OKX has been gaining market share throughout 2023, having started January with 5.1% and ending the year with 8.9%. The exchange was pushed out of the top 3 by HTX in Q3, but it has since regained its spot. Despite HTX seeing an increase in trading volume, OKX managed to outpace this rise. 

MEXC Was The Largest Gainer In 2023 Q4

While all the top 10 centralized exchanges grew in 2023 Q4, MEXC led the pack, growing the most at 203.7% ($90.4 billion). This was followed by Bybit, which grew 162.1% ($107.5 billion), and KuCoin, which grew 161.2% ($49.2 billion). 

Meanwhile, KuCoin regained its spot in the Top 10 in Q4 after losing it in Q3, edging out Kraken. At the end of December, KuCoin was the ninth largest exchange, with a market share of 3.3%. 
 

Top 10 Centralized Exchanges’ Market Share (2023)

Rank Centralized Exchanges Market Share (%)
1 Binance 52.60%
2 Upbit 9.50%
3 OKX 6.70%
4 Coinbase 6.30%
5 MEXC 5.30%
6 Bybit 4.90%
7 Gate 4.00%
8 HTX 4.10%
9 KuCoin 3.30%
10 Bitget 3.30%

 

Top 10 Crypto Exchanges' Market Share, 2018-2022

The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2022 by Spot Trading Volume:

The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2021 by Spot Trading Volume:

The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2020 by Spot Trading Volume:

The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2019 by Spot Trading Volume:

The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2018 by Spot Trading Volume:

Methodology

The study examined the top 10 centralized exchanges by spot trading volume, using CoinGecko data from January 1, 2023 to December 31, 2023. The top 10 centralized exchanges are: Binance, Upbit, OKX, Bybit, Coinbase, MEXC, Gate, HTX, KuCoin, Bitget. Market share was based on total monthly spot trading volume.


If you use these insights, we would appreciate a link credit to this article on CoinGecko. A link credit allows us to keep supplying you with future data-led content that you may find useful.

Curious to know more about the state of crypto in 2023? Check out our comprehensive 2023 Annual Crypto Industry Report, which extensively covers everything from the crypto market landscape to analyzing Bitcoin and Ethereum, DeFi and NFT ecosystems, and more!

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Shaun Paul Lee
Shaun Paul Lee

Shaun is a Research Associate at CoinGecko with a fondness for memes and farming on the blockchain. Follow the author on Twitter @ShaunPaulLee

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