Coingecko: Who are the top three centralized exchanges?

Author: Shaun Paul Lee, Coingecko; Compiler: Deng Tong, Golden Finance

Who is the largest centralized exchange?

Binance remains the largest centralized exchange (CEX) with a market share of 43.7%. In December 2023, its spot trading volume increased to $427.1 billion. Growth of 37.5% month-on-month (MoM), recording $310.6 billion in November 2023.

The second largest center The leading exchange is Upbit, which has a market share of 9.3% and a spot trading volume of $90.7 billion in December 2023. This represents a growth rate of 0.3%, with $90.4 billion recorded in November 2023.

As of December 2023, OKX became the third largest exchange with a market share of 8.9% and a trading volume of $86.8 billion.

Binance Market Share

Among centralized exchanges in 2023, Binance was the market leader in total spot trading volume, accounting for 52.6% of the market share . However, its market share gradually declined throughout 2023, starting the year with a market share of 63.5% and falling to 43.7% in December. In absolute terms, Binance generated $38 trillion in trading volume in 2023.

Binance has been facing regulatory pressure in 2023, which peaked in November when the exchange agreed to pay a $4.3 billion fine to resolve its dispute with the Department of Justice (DoJ) and the Commodity Futures Trading Commission (CTFC) Disputes over financial irregularities. Changpeng Zhao (CZ) also agreed to step down as CEO of the exchange.

Upbit remains the second largest exchange

In 2023, Upbit successfully retained the second largest center Exchange status, spot trading volume reached 687 billion US dollars. This represents a market share of 9.5% this year. Upbit’s monthly spot trading volume hit a yearly high of $90.7 billion in December. In the fourth quarter of 2023, Upbit’s transaction volume reached $238.2 billion, a quarter-on-quarter increase of 93.5%.

As the largest cryptocurrency exchange in South Korea, Upbit has benefited from the Kimchicoin premium, with strong local demand for crypto assets causing it to trade at a premium.

OKX ranks among the top three exchanges

OKX is the third largest exchange in 2023, the market The share was 6.7%, with a trading volume of $485.9 billion. In the fourth quarter of 2023, OKX’s trading volume reached $177.9 billion, a quarter-on-quarter increase of 151.6%.

OKX continued to gain market share throughout 2023, starting January with 5.1% market share and ending the year at 8.9%. The exchange was knocked out of the top three by HTX in the third quarter, but has since regained its position. While HTX has seen an increase in trading volume, OKX has seen an even greater increase.

MEXC recorded largest gains in the fourth quarter of 2023

While the top 10 centralized exchanges All achieved growth in the fourth quarter of 2023, but MEXC was in the lead, with the largest growth, reaching 203.7% ($90.4 billion). This was followed by Bybit, up 162.1% ($107.5 billion), and KuCoin, up 161.2% ($49.2 billion).

Meanwhile, KuCoin returned to the top 10 in the fourth quarter after temporarily falling off the list in the third quarter, beating Kraken. As of the end of December, KuCoin was the ninth largest exchange with a market share of 3.3%.

Top 10 centralized exchange market shares (2023)

Market share of the top ten cryptocurrency exchanges in 2018-2022

The following figure shows the market share of the top 10 centralized cryptocurrency exchanges by spot trading volume in 2021:

The chart below shows the spot trading volume in 2020 Market share of the top 10 centralized cryptocurrency exchanges:

The following figure shows the market share of the top 10 centralized cryptocurrency exchanges by spot trading volume in 2019:

The following figure shows the market of the top 10 centralized cryptocurrency exchanges by spot trading volume in 2018 Share: