Market Share of Binance’s Spot Trading Plunges 40%

In 2023, Binance, a popular crypto exchange, has experienced a decrease in its market share for spot trading, dropping from 62% to 40%.

This decline is revealed in a report by blockchain analytics firm 0xScope on November 6, showing that Binance has lost one-third of its spot trading volume within the past year.

Researchers attribute this decline to Binance’s listing strategy, as many coins listed on the exchange saw a decrease in price soon after.

Meanwhile, rival exchange Upbit saw the largest increase, with its market share rising from 5% to 15.3% during the same time frame.

When considering all trading volumes, including derivatives, Binance’s market share for October 2023 was 51.2%. This was followed by OKX (13.4%), Bybit (9.6%), Bitget (7.0%), and MEXC Global (6.9%).

While still in the lead, Binance’s gap has narrowed against competitors like OKX, resulting in an overall market share of 54.6% in October 2022.