BTC
$104,789.63
+
0.18%
ETH
$2,541.50
-
1.41%
USDT
$1.0003
+
0.02%
XRP
$2.2015
+
0.39%
BNB
$659.87
-
0.83%
SOL
$157.51
-
1.52%
USDC
$0.9997
-
0.00%
DOGE
$0.1945
-
2.55%
TRX
$0.2664
-
1.85%
ADA
$0.6896
-
2.50%
HYPE
$32.96
-
0.48%
SUI
$3.2618
-
1.87%
LINK
$14.12
-
0.43%
AVAX
$20.98
-
1.13%
XLM
$0.2664
-
1.77%
BCH
$416.80
+
2.28%
LEO
$8.6078
-
2.17%
TON
$3.1522
-
4.76%
SHIB
$0.0₄1287
-
1.99%
HBAR
$0.1682
-
1.65%
Logo
  • News
  • Prices
  • Data
  • Indices
  • Research
  • Events
  • Sponsored
  • Sign In
  • Sign Up
Finance
Share this article
X iconX (Twitter)LinkedInFacebookEmail

Binance’s Market Share of Crypto Trading Tumbled to 30% in 2023

The exchange's monthly spot volume fell to $114 billion in September from nearly $500 billion in January amidst a regulatory crackdown in the U.S.

By Lyllah Ledesma|Edited by Stephen Alpher
Updated Mar 8, 2024, 6:31 p.m. Published Dec 11, 2023, 6:55 p.m.

Binance, the world’s largest cryptocurrency exchange by market volume, has seen its spot market share gradually decline over the year as the company faced an array of charges from regulators that eventually claimed its founder and CEO Changpeng "CZ" Zhao.

According to numbers provided by CCData, Binance's market share so far in December was just 30.1% versus 55% at the start of the year. From January to September, the exchange’s monthly spot volumes declined by over 70% from $474 billion to $114 billion. CCData does note that Binance has begun to see a boost in monthly trading volumes since September even as its market share continued to slide.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

The company in November and its now former CEO CZ agreed to pay nearly $3 billion to settle a U.S. Commodity Futures Trading Commission lawsuit. This came alongside separate settlements with the U.S. Department of Justice and Treasury Department.

In addition to the exit of its CEO, the company also witnessed a large number of executive departures this year, including its Chief Strategy Officer Patrick Hillmann, Senior Director of Investigations Matthew Price and U.K. chief Jonathan Farnell.

Despite Binance’s decline in spot trading market share over the year, it still remains the largest cryptocurrency exchange by a wide margin. In second place to Binance's 30% is Seychelles-based OKX, which has seen its market share grow to 8% in December from around 4% to start the year, according to CCData.

The numbers are similar when looking at combined spot and derivatives trading, where Binance saw a decline in market share to 42% from 60% while OKX's grew to 21% from 9%.


BinanceOKX
Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds a master's degree from New York University in Business and Economics and an undergraduate degree in Political Science from the University of East Anglia. Lyllah holds bitcoin, ether and small amounts of other crypto assets.

X icon
CoinDesk News Image
Latest Crypto News
Article image

Bitcoin Whales Seem to Be Calling a Top as BTC Price Consolidates

May 29, 2025

Bitcoin (BTC) price on May 19 (CoinDesk)

Bitcoin Climbs to $105K; Crypto ETF Issuer Sees 35% Upside

May 29, 2025

Breaking News

Breaking New test

May 29, 2025

FastNews (CoinDesk)

Fast News test

May 29, 2025

Article image

Ethereum Surges 4% on Massive Volume as Institutional Interest Grows.

May 27, 2025

Article image

test research article

May 22, 2025

Top Stories
President Donald Trump (TheDigitalArtist/Pixabay)

Bitcoin Poised to Top Record as Trump Inauguration Nears, Major Coins Due for 10% Swings: Traders

Jan 16, 2025

Screen Shot 2018-08-12 at 11.22.53 PM

In Rare Decision, ICO Founders Will Delay Crypto Paydays – For a Decade

Aug 13, 2018

(CJ/Unsplash)

XRP Futures Start Trading on CME

May 19, 2025

Credit: NASA

50 Cut as $60 Million Blockchain Project Nebulas Lays Off 60% of Staff

Jan 22, 2019

Bitcoin (BTC) price on May 19 (CoinDesk)

Bitcoin Climbs to $105K; Crypto ETF Issuer Sees 35% Upside

May 29, 2025

Breaking News

Breaking New test

May 29, 2025

Only 1 article remaining this month.

Sign up for free

About

  • About Us
  • Masthead
  • Careers
  • CoinDesk News
  • Crypto API Documentation

Contact

  • Contact Us
  • Accessibility
  • Advertise
  • Sitemap
  • System Status
DISCLOSURE & POLICES
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
EthicsPrivacyTerms of UseCookie SettingsDo Not Sell My Info

© 2025 CoinDesk, Inc.
X icon
Sign Up
  • News
    Back to menu
    News
    • Markets
    • Finance
    • Tech
    • Policy
    • Focus
  • Prices
    Back to menu
    Prices
    • Data
      Back to menu
      Data
      • Trade Data
      • Derivatives
      • Order Book Data
      • On-Chain Data
      • API
      • Research & Insights
      • Data Catalogue
      • AI & Machine Learning
    • Indices
      Back to menu
      Indices
      • Multi-Asset Indices
      • Reference Rates
      • Strategies and Services
      • API
      • Insights & Announcements
      • Documentation & Governance
    • Research
      Back to menu
      Research
      • Events
        Back to menu
        Events
        • Consensus Hong Kong
        • Consensus 2026
        • CoinDesk: Policy & Regulation
      • Sponsored
        Back to menu
        Sponsored
        • Thought Leadership
        • Press Releases
        • CoinW
        • MEXC
        • Phemex
        • Advertise
      • Videos
        Back to menu
        Videos
        • CoinDesk Daily
        • Shorts
        • Editor's Picks
      • Podcasts
        Back to menu
        Podcasts
        • CoinDesk Podcast Network
        • Markets Daily
        • Gen C
        • Unchained with Laura Shin
        • The Mining Pod
      • Newsletters
        Back to menu
        Newsletters
        • The Node
        • Crypto Daybook Americas
        • State of Crypto
        • Crypto Long & Short
        • Crypto for Advisors
      • Webinars & Events
        Back to menu
        Webinars & Events
        • Consensus 2025
        • Policy & Regulation Conference
      Select Language
      English enEspañol esFilipino filFrançais frItaliano itPortuguês pt-brРусский ruУкраїнська uk