Cryptocurrency NewsBinances markedsdominans falder midt i stigende konkurrence

Binances markedsdominans falder midt i stigende konkurrence

A recent report by 0xScope indicates that Binance’s hold on the centralized cryptocurrency exchange market has slightly diminished over the last year. The blockchain analytics firm’s findings show that Binance’s trading volume and other metrics have decreased by approximately 10%. This decline has occurred amidst growing competition from OKX and other smaller exchanges.

Despite this, Binance remains the top player globally in crypto volume, holding 51.2% of the market share from October 17, 2022, to October 17, 2023. However, this is a decrease from its 54.6% market share in October 2022, now down to about 45% since July.

In contrast, OKX has seen a significant rise in its market share, jumping from 10.5% last year to 16.1% recently, firmly positioning itself as the second-leading exchange. Other exchanges such as Bybit, Bitget, and MEXC have also experienced steady growth over the past year.

The analysis excluded some major exchanges like Upbit and Coinbase, which lack substantial derivatives trading volume. However, in the spot market, Upbit and Coinbase rank second and third, respectively, with Upbit’s share notably increasing from 5% to 15% over 52 weeks.

Binance’s spot market dominance has notably declined to 40%, a steep drop from 62% a year earlier. This reduction might be attributed to its listing strategy, as many popular coins lost value soon after being listed on Binance.

Binance’s derivatives volume has been relatively more stable, though it too decreased from 50% earlier in the year to 45% recently. Meanwhile, OKX’s share in this area grew from 10% to 15%.

Adding to Binance’s challenges, the exchange faced a significant lawsuit from the U.S. Securities and Exchange Commission (SEC) in June, with accusations including mismanagement of client funds and listing unregistered securities.


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