{"id":86722,"date":"2023-11-07T18:06:48","date_gmt":"2023-11-07T16:06:48","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=86722"},"modified":"2025-09-13T07:21:11","modified_gmt":"2025-09-13T04:21:11","slug":"report-binances-market-share-shrinks-as-competition-tightens","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/report-binances-market-share-shrinks-as-competition-tightens\/","title":{"rendered":"Report: Binance&#8217;s market share shrinks as competition tightens"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>Binance remains the market leader, but metrics are down.<\/li>\n<li>OKX and Coinbase strengthen their positions.<\/li>\n<\/ul>\n<\/div>\n<p>The 0xScope team <a href=\"https:\/\/www.0xscope.com\/blog\/The-2023-CEX-Market-Report-1721474978107490304\/?ch=tw\">released a report<\/a> on the state of the centralized exchange (CEX) sector. According to the study, Binance&#8217;s market share is shrinking, but the platform still holds a dominant position, while OKX has firmly entrenched itself in second place.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Market share<\/strong><\/h2>\n<p>Binance accounts for 51.2% of digital-asset trading volumes among CEXs. By comparison, the figure was 54.6% in October 2022, and in July 2023 it fell to 45%.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/riS1eLeT-N5HOGvFHIuqnDyuowqyuSBdUp7bMubk2Gvj4Tj4g-wWJT-1Hp6Xlr7N2XC-t2aEIWjvlz71ic3QGXlxxJf4Y89G9y3G33MT8mPWc_Xqoi4NZJ19KK5tAl9VZcH77lPM2ugLRJ0d28aRjEA\" alt=\"Report: Binance share fell amid tightening competition\"\/><figcaption class=\"wp-element-caption\">CEX market share. Data: 0xScope.<\/figcaption><\/figure>\n<p>OKX (13.4%), Bybit (9.6%), Bitget (7%), and MEXC (6.9%) comprise the &#8220;second tier&#8221; of exchanges with the main market share.<\/p>\n<p>In the week to 17 October, OKX lifted its trading volume to 16.1% from 10.5% a year earlier. Other exchanges followed and &#8220;maintained healthy growth trends&#8221;.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/bG6BO73Lr0nT6ckx89rLYCHmFlH9zBZj7iBEeo8RvFv7IFmQjkXd3BzI9YQO9Sy4jGvz9MwGEcuel9Vy-p2shYvUp4268a38vIHMHvZXOSkkZYMWWMA7Ej8ZWEr_B0j475144GtzoJ1UX065UpLlobk\" alt=\"Report: Binance share fell amid tightening competition\"\/><figcaption class=\"wp-element-caption\">Spot trading dynamics on CEX. Data: 0xScope.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\"><strong>Spot and derivatives trading<\/strong><\/h2>\n<p>Binance&#8217;s spot trading volume rose slightly over the past year, to 52.5%. South Korean Upbit (6.8%) and Coinbase (5.8%) ranked second and third respectively.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/ipHQrYNZoPTo2rfondEq7tEP9hI2wwVTb-t8fIU5RjDJkVR7QY3EswHpiZHLvvTqb7_4JaeLVguZvYEhSf_rCP8MQxWYSWviKxT3m-NTb98dt-gKtgr8jkR_2ckwN9Vq2aehnnV9rciJBS_LTnMEMGA\" alt=\"Report: Binance share fell amid tightening competition\"\/><figcaption class=\"wp-element-caption\">Share of spot trading on CEX. Data: 0xScope.<\/figcaption><\/figure>\n<p>OKX and MEXC ended the year with around 5% each, while other exchanges have 3.2% or less.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The spot trading volume of Binance last year fell significantly, possibly due to its asset-placement strategy. Most popular coins experienced declines soon after listing on the exchange. A year ago, the platform&#8217;s spot volume stood at 62%, but last month it had fallen to around 40%,&#8221; the experts noted.<\/p>\n<\/blockquote>\n<p>Other exchanges show positive momentum \u2014 over the last month Upbit&#8217;s share reached 15.3%.<\/p>\n<p>Binance&#8217;s share of the derivatives trading volume stands at 50.9%. Other platforms \u2014 OKX, Bybit, Bitget and MEXC \u2014 have a combined market share of 42.3%.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/Kf4lnX3mj0672q9sHxSvIjRxZNiLOgzAJW1jQJONk2KzheCQumCxgMmFdoDZZpD7JIQam-RZWEeGoZlOK2cf3_o2dkJpi3TTPH_gIb2ZhmAUr6KPCWvAvWHWpZlbNE5woxUMfxdANa1AvJOIPVLnxFc\" alt=\"Report: Binance share fell amid tightening competition\"\/><figcaption class=\"wp-element-caption\">Derivatives trading share on CEX. Data: 0xScope.<\/figcaption><\/figure>\n<p>Binance&#8217;s metric over the year remained relatively stable, but recently slid to 45%. Meanwhile, OKX&#8217;s share rose from 10% to 15.5%.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Other data<\/strong><\/h2>\n<p>The five largest exchanges \u2014 Binance, Coinbase, Bitfinex, OKX, Kraken \u2014 account for more than 80% of the total volume <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-cryptocurrency-etf\">of cryptocurrency ETFs<\/a>. <\/p>\n<p>Binance remains at the top of the list, but its share has fallen from 50% to 45%. Probably the lost share has been taken by OKX and Coinbase.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/VkBAtVpcRpT0GreoNlWtz4aAUs2faI35bTXdB7Cwfhe-DmBVEjod_y3A6sLiJDEeuzp-xS4FgY0fNz_MzOz9bZU53FtUyvE53LnzdUufsq3k2yMtb7jryLuiWXG990FDQ0GNgqtLrDCsY4ezhLVMqH0\" alt=\"Report: Binance share fell amid tightening competition\"\/><figcaption class=\"wp-element-caption\">Dynamics of assets volume on CEX. Data: 0xScope.<\/figcaption><\/figure>\n<p>Binance and Coinbase have almost the same number of custodial addresses, accounting for more than 60% of the entire CEX market. This reflects the long-standing presence of the platforms.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/AILFKxJ3g-pEKMvJzSHz07A3G6ubqx5MrbUpECCBzclFHOkZliUiB0LiAp8zYGq2O9b4tUaLQGt4k6jkLJ1MA6dsuU1W-okpM02UTyPS_-SohwCB5Kxv2rVT2tViRgN2Ka2m0Ikgrv2pOD2RUumlbxc\" alt=\"Report: Binance share fell amid tightening competition\"\/><figcaption class=\"wp-element-caption\">Share of custodial addresses on CEX. Data: 0xScope.<\/figcaption><\/figure>\n<p>However, the number of active addresses on Coinbase is comparatively small, the experts noted. Moreover, the number of new wallets for onboarding on leading exchanges continues to decline. Only OKX shows positive momentum in this dimension.<\/p>\n<p>Binance\u2019s website traffic over the past six months points to a slow but steady decline, and the platform\u2019s share of social-media followers relative to other CEX has fallen from about 45% to around 40%.<\/p>\n<p>Meanwhile, other exchanges are registering gains in this area \u2014 OKX\u2019s followers on X have risen nearly threefold over the year.<\/p>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/analysts-flag-drop-in-exchange-turnover-to-2020-levels\">In April\u2013June 2023, the total trading volume across cryptocurrency exchanges fell to its lowest since Q4 2020.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance&#8217;s market share is shrinking, but the platform remains dominant, while OKX has firmly entrenched itself in second place.<\/p>\n","protected":false},"author":1,"featured_media":86723,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1166,1150,1252],"class_list":["post-86722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-centralized-exchanges-cex","tag-news-plus","tag-reports"],"aioseo_notices":[],"amp_enabled":true,"views":"43","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86722","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=86722"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86722\/revisions"}],"predecessor-version":[{"id":86724,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86722\/revisions\/86724"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/86723"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=86722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=86722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=86722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}