According to a recent CoinGecko report, Binance, the world’s largest centralized exchange (CEX) by trading volume, maintained its market leadership position in 2023.
Despite the increased number of encounters regulatory investigation While undergoing significant leadership changes, Binance maintained a 43.7% market share and spot trading volume increased to $427.1 billion in December 2023, a 37.5% month-on-month (MoM) increase.
Binance trading volume will reach $3.8 trillion in 2023
According to CoinGecko reportBinance started the year with a 63.5% market share, but experienced a gradual decline throughout 2023, ending December with a 43.7% market share.
Binance still dominates the market with 52.6% of total spot trading volume in 2023, but the exchange’s relative market share decline has been notable. In absolute terms, Binance generated $3.8 trillion in trading volume throughout the year.
As previously reported, Binance faced significant regulatory pressure throughout 2023, eventually signing a settlement agreement in November requiring the exchange to pay fees. $4.3 billion in fines Reported to the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CTFC) for alleged financial violations.
As part of agreement, Binance CEO Changpeng Zhao (CZ) also agreed to resign. Richard Teng assumed the role of company representative, and CZ was restricted from traveling outside U.S. jurisdiction while the legal battle was ongoing.
Upbit and OKX are following closely.
Upbit, Korea’s largest cryptocurrency exchange, maintained its position as the second-largest centralized exchange in 2023, recording a market share of 9.5% and spot trading volume of $687 billion.
according to the report, Upbeat It has benefited from the kimchi premium, which has resulted in strong local demand and premium prices for cryptocurrency assets.
The exchange’s monthly spot trading volume hit a yearly high of $90.7 billion in December, up 93.5% quarter-over-quarter (QoQ).
Backwards, great It ranked third among centralized exchanges in 2023 with a market share of 6.7% and a trading volume of $485.9 billion. Throughout the year, OKX experienced a steady increase in market share, starting at 5.1% in January and ending at 8.9% in December. The exchange’s trading volume in the fourth quarter reached $177.9 billion, an increase of 151.6% compared to the previous quarter.
CoinGecko reported that among the top 10 centralized exchanges, MEXC recorded the highest growth in the fourth quarter of 2023, with a 203.7% increase in trading volume to $90.4 billion.
Bybit followed closely behind with a growth rate of 162.1% ($107.5 billion), while KuCoin recorded a growth rate of 161.2% ($49.2 billion). KuCoin fell briefly in the third quarter, with a market share of 3.3% at the end of December, before regaining its top 10 position in the fourth quarter.
Binance Coin (BNB) has successfully maintained its position above the $300 threshold, with a current trading price of $304. This means that the price has fallen by 1.8% in the last 24 hours.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.