Binance, the largest cryptocurrency exchange in the world by trading volume, is gradually pulling away from its competitors in the spot cryptocurrency trading space.

According to new data from The Block, Binance has captured up to 41.1% of the global market share in spot trading volume in June 2025, and this month has not yet ended. The volume includes trading of all types of cryptocurrencies listed on each platform.

In June alone, a total of 34 other exchanges achieved $189.78 billion, while this same group reached $508.87 billion in May 2025. In many ways, this is not a new phenomenon. Binance has dominated cryptocurrency trading for years, especially after weathering the collapse of exchanges and regulatory tightening in 2022 and 2023.

This platform reached its highest monthly spot trading volume in May 2021, recording over $1.64 trillion. The last time it achieved such a high was in March 2024, when the exchange reached a volume of over $1.13 trillion.

Binance continues to win

Analysts point to the combination of product, pricing, and scale as key factors enabling Binance to continue its dominance.

Binance has long supported strong promotional programs, including zero-fee trading for certain Bitcoin and stablecoin pairs, attracting both high-frequency traders and capital flows from institutions.

Secondly is liquidity, as the exchange has over 1,900 active spot pairs, Binance offers a deep order book, narrower spreads, and minimal slippage even during volatile periods. This makes it an attractive venue not only for whales but also for retail traders seeking efficient execution methods.

Thirdly, Binance continues to invest in global coverage. Fiat on-ramps are available in over 70 jurisdictions. Multilingual support. And as of 2025, the exchange claims it will operate multiple regional data centers to optimize latency for traders across continents.

When combined, these factors create a type of network effect that smaller exchanges find increasingly difficult to replicate.

Increasing competition, but still far behind

While Binance continues to widen the gap, some competitors are still gaining an edge. HTX has remained present in this space.

Other platforms such as ByBit and Bitget have seen double-digit spot trading volume growth in Q1 2025, although from smaller bases. Coinbase, despite lagging in global trading volume, still dominates in the United States and North America and has secured important licenses in Europe.

Nevertheless, the volume gap remains significant. Unless there is a major change, through regulation, security flaws, or a black swan event, Binance seems likely to maintain its throne.