Binance’s spot trading market share falls to 40% in 2023: Report

Nov 06. 2023

By Zhiyuan Sun

Crypto exchange Binance’s market share in spot trading has fallen to 40% in late 2023, compared with 62% a year ago.

According to the Nov. 6 report by blockchain analytics firm 0xScope, the exchange has lost one-third of its market share in the past 12 months. “Binance’s spot trading volume has seen a significant decline in the past year, perhaps due to its listing strategy,” researchers wrote. “Most popular coins experienced a downturn immediately after being listed on Binance.” At the same time, Korean crypto exchange Upbit saw the most significant increase, with its spot market share increasing from 5% to 15.3% during the same period.

When all crypto trading volumes, including both spot and derivatives, are included, Binance’s market share came at 51.2% in October 2023. This was followed by OKX (13.4%), Bybit (9.6%), Bitget (7.0%) and MEXC Global (6.9%).

“Despite still being in the lead, Binance saw its gap shrink against main competitors, such as OKX and other second-tier exchanges,” researchers wrote, noting that its overall market share stood at 54.6% in October 2022.

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