The global cryptocurrency market continues to be shaped by centralized exchanges (CEXs), which remain the go-to platforms for most spot trading activity. As of mid-2025, Binance still holds a commanding lead, but other exchanges are gaining ground in this competitive sector.
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| Crypto Exchanges |
Market Share Rankings
1. Binance — 39.8%
Binance maintains its dominant position, accounting for nearly 40% of global CEX market share, driven by high liquidity, extensive listings, and global reach.
2. MEXC — 8.6%
MEXC has risen rapidly, securing the second spot with strong global expansion and competitive trading fees.
3. Gate.io — 7.8%
Gate.io’s diverse token listings and focus on emerging altcoins keep it among the top players.
4. Bitget — 7.6%
Bitget’s derivatives offerings and influencer-driven marketing continue to boost its market presence.
5. Bybit — 7.2%
Bybit has expanded beyond derivatives into spot markets, helping it secure a solid market share.
6. Upbit — 6.3%
South Korea’s leading exchange, Upbit, remains a powerhouse in Asian markets.
7. OKX — 6.0%
OKX is recognized for its advanced trading features, DeFi integration, and global footprint.
8. HTX (formerly Huobi) — 5.8%
HTX continues to serve a large Asian user base with spot, derivatives, and staking services.
9. Coinbase — 5.8%
Despite being one of the most recognized names globally, Coinbase ranks ninth by market share, largely due to its U.S.-centric approach and regulatory constraints.
10. Crypto.com — 5.1%
Crypto.com’s marketing campaigns and card services keep it relevant, though its market share is smaller compared to others.
CEX Market Outlook
The centralized exchange market in 2025 is both Binance-dominated and fiercely competitive in the mid-tier ranks. Exchanges ranked #2 to #10 hold market shares between 5% and 9%, indicating that no other player is close to overtaking Binance in the short term.
However, ongoing regulatory changes, regional growth strategies, and innovation in trading products could shift these rankings over the next year.
FAQ's
Q1: Which centralized exchange has the largest market share in 2025?
A: Binance leads with 39.8% of the market.
Q2: Who is the second-largest CEX by market share?
A: MEXC ranks second with 8.6%.
Q3: How is Coinbase ranked in 2025?
A: Coinbase ranks ninth with 5.8% market share.
Q4: What determines a CEX’s market share?
A: Market share is typically based on spot trading volume, user activity, and liquidity.
Q5: Is Binance’s dominance at risk?
A: While Binance is still far ahead, regulatory challenges and the growth of competitors could impact its future lead.
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