Binance maintained its position as the largest cryptocurrency exchange by trading volume in the first quarter of 2025, despite an overall decline in cryptocurrency trading volumes.

Trading volume and dominance: Binance recorded a trading volume of $8.4 trillion on centralized cryptocurrency exchanges (CEX), holding a market share of approximately 36.5% to 40.7%.

Competition: While Binance solidified its position, exchanges like Bybit, MEXC, HTX, and Bitget emerged as competitors, with some achieving modest gains in market share. For example, HTX saw growth, while Upbit's trading volume decreased by 34%.

Regulatory context: Binance faced ongoing regulatory challenges but managed to maintain its leading position amid "regulatory noise." This indicates the exchange's resilience in the face of legal scrutiny and competition.

Posts on X reflect a growing interest from retail investors, with Google searches for Bitcoin and Ethereum rising.