What Is the Largest Centralized Exchange?
Binance remained the largest centralized exchange (CEX), with its market share at 34.7% in December 2024. Its spot trading volume climbed to $1.0 trillion in December 2024, a gain of +2.3% from November. It recorded $979.1 billion in November 2024.
The second largest exchange was Crypto.com, which recorded a 11.2% market share, and spot trading volume of $322.3 billion in December 2024. This represents a +12.7% rise, having recorded $286.1 billion in November 2024. Crypto.com has managed to solidify its position and was the only other exchange apart from Binance with a more than 10% market share in December.
Upbit ended December 2024 as the third largest exchange, with a 9.8% market share and $282.7 billion of trading volume. It grew +22.0% Month-on-Month (MoM). The remaining top 10 competitors held less than 9% market share each, for a combined dominance of 44.3% in December.
Binance Market Share
Binance was the market leader amongst the centralized exchanges, with a 34.7% market share of total spot trading volume in December 2024. Its trading volume grew just +2.3% MoM to hit $1.0 trillion. December marks the second month Binance has achieved the $1 trillion in trading volume mark in 2024, with the first time being in March, when it achieved $1.1 trillion.
On a yearly basis, Binance dominated the centralized exchanges scene with a 42.4% share of the top 10's volume. It had $7.4 trillion, with the total volume in the top 10 at $17.4 trillion.
However, Binance has slowly lost market share to its competitors throughout the year. It started 2024 with a 44.1% share before dropping below 40% since September. However, it is still the largest exchange by a large margin. For comparison, it had more trading volume than the next five largest exchanges combined in 2024 ($7.4 trillion vs. $6.6 trillion).
Crypto.com’s Meteoric Rise
Crypto.com was the second-largest centralized exchange by spot trading volume in December 2024. It brought in $322.3 billion in volume, with a market share of 11.2%. This marked an increase of +12.7% from November, when it boasted $286.1 billion in volume. It was the only other exchange apart from Binance to have a market share of more than 10%.
Crypto.com recorded $757.8 billion in 2024 Q4 volume, in comparison, it recorded $539.8 billion in the first three quarters of 2024. Its meteoric rise can be attributed to its institutional clients and high-frequency traders. It also operates in over 100 countries, allowing it to tap into a larger user base than its competitors.
Upbit Reclaims Its Spot in the Top 3
After reclaiming its spot in the top 3 in November 2024, Upbit continued to see its volume increase into December. It recorded $282.7 billion in trading volume in December, an increase of +22.0% from November’s $231.8 billion figure.
Meanwhile, it was the fastest-growing CEX in Q4, with its volume increasing +314.8% from $135.5 billion to $561.9 billion QoQ. Volume dramatically increased after martial law was declared in South Korea on December 3. During that tumultuous period, daily volumes stood at ~$21.0 billion, a six-fold increase from its daily average of $3.5 billion.
8 Out of 10 Exchanges Grew Over 100% in 2024 Q4
All of the top 10 exchanges saw trading volumes grow significantly in 2024 Q4. Eight out of ten had triple-digit percentage growth, with Upbit leading the pack. Overall, trading volume of the top 10 exchanges increased by +111.7% in Q4, or $3.4 trillion, for a total of $6.4 trillion.
The top 10 centralized crypto exchanges and their growth in Q4, are as follows:
| Rank | Centralized Crypto Exchanges | 2024 Q4 Growth (%) |
|---|---|---|
| 1 | Binance | 100.8% |
| 2 | Crypto.com | 157.3% |
| 3 | Upbit | 314.8% |
| 4 | Bybit | 44.7% |
| 5 | Gate.io | 137.2% |
| 6 | Coinbase | 158.3% |
| 7 | Bitget | 120.3% |
| 8 | OKX | 126.0% |
| 9 | MEXC | 132.5% |
| 10 | HTX | 13.9% |
Top 10 Centralized Exchanges’ Market Share (December 2024)
The top 10 centralized crypto exchanges by market share, are as follows:
| Rank | Centralized Crypto Exchanges | Market Share (%) |
|---|---|---|
| 1 | Binance | 34.7% |
| 2 | Crypto.com | 11.2% |
| 3 | Upbit | 9.8% |
| 4 | Bybit | 8.9% |
| 5 | Gate.io | 6.8% |
| 6 | Coinbase | 6.5% |
| 7 | Bitget | 6.4% |
| 8 | OKX | 6.2% |
| 9 | MEXC | 6.1% |
| 10 | HTX | 3.3% |
Top 10 Crypto Exchanges' Market Share, 2018-2023
The top 10 centralized crypto exchanges by market share, are as follows:Top 10 Crypto Exchanges' Market Share, 2018-2023
The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2023 by Spot Trading Volume:
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 Jan 1, 2024, to December 31, 2024. The top 10 centralized exchanges are: Binance, Crypto.com, Upbit, Bybit, Gate.io, Coinbase, Bitget, OKX, MEXC, and HTX. Market share was based on total monthly spot trading volume.
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