Binance remains a dominant force in the cryptocurrency spot trading market, holding a 39.8% share in July 2025, according to a CoinGecko report. Despite a decrease in share from 62% in 2022 to 40% by the end of 2023, the exchange continues to outpace its competitors. MEXC ranked second with 8.6%, while Gate came third with 7.8%. The remaining top 10 exchanges collectively hold 43.8% of the market, indicating increased competition.
The decline in Binance's market share in 2023 is associated with its listing strategy, as popular coins experienced declines after being added to the platform. Meanwhile, second-tier exchanges like Bybit, Bitget, and MEXC increased their share to 42.3%. The Korean exchange Upbit also showed significant growth, increasing its share from 5% to 15.3% in 2023. The total trading volume on the top 10 centralized exchanges reached $1.8 trillion in July 2025.
Despite the decrease in market share, Binance maintains its leadership due to trading volume and reputation. The growth of decentralized exchanges (DEX) indicates a shift in market trends, but Binance remains a key player.
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