Author: Shaun Paul Lee, CoinGecko; Compiled by: Wu Baht, Golden Finance

Who is the largest centralized exchange?

Binance remains the largest centralized exchange (CEX) with a market share of 39.1% in November 2024. Its spot trading volume climbed to $979.1 billion in November 2024, a 130.9% increase from October. In October 2024, its trading volume reached $424 billion.

The second largest exchange is Crypto.com, with a market share of 11.4% and spot trading volume of $286.1 billion in November 2024. This represents a 91.5% increase, with spot volume in October 2024 at $149.4 billion. Since September, Crypto.com has managed to surpass its competitors. Previously, its market share was in the 2%-4% range in the first half of 2024.

As of November 2024, Upbit became the third largest exchange with a market share of 9.3% and a trading volume of $231.8 billion. The remaining top 10 competitors all have less than 9% market share, with a combined share of 40.2% in November.

Binance Market Share

Binance is the market leader among centralized exchanges, with a market share of 39.1% of total spot trading volume in November 2024. Its trading volume increased 130.9% month-on-month to $979.1 billion. However, that's still below the year's high of $1.1 trillion set in March.

While Binance has gradually lost market share to competitors this year, it remains the largest exchange, with its trading volume exceeding the next four exchanges combined ( $979.1 billion vs $904.5 billion).

The exchange has launched a number of memecoins and new launchpool projects in the past month, providing users with more trading opportunities and driving trading volume.

The meteoric rise of Crypto.com

Crypto.com was the second-largest centralized exchange by spot trading volume in November 2024, with a market share of 11.4% and spot trading volume of $286.1 billion. It ranked third in the third quarter of 2024, but has since overtaken Bybit in October and November to consolidate its second position.

Its meteoric rise can be attributed to its institutional clients and high-frequency traders. It also operates in more than 100, allowing it to attract a larger user base than its competitors.

Upbit regained the top three positions

Upbit successfully regained the top three positions in November 2024Location. During the same period, its spot trading volume hit a yearly high of $231.8 billion, up 387.8% from $47.5 billion in October. In November, its market share was 9.3%, up from 4.5% in October.

Upbit was the biggest gainer among the top 10 centralized exchanges, helped by a boom in South Korean trading, especially for ripple (XRP).

Coinbase rises in ranking

In November 2024, Coinbase’s market share was 6.9%, making it the fifth largest centralized exchange. Its trading volume increased 184.0% month-on-month, from $60.9 billion in October to $172.9 billion in November.

The U.S.-based exchange has been on a listing spree of late, most of which are memecoins, likely to attract more and more retail investors.

In November 2024, 7 out of 10 exchanges grew by more than 100%

In November 2024, the top 10 exchanges saw significant growth in trading volume. Seven of them achieved triple-digit percentage growth, with Upbit leading the way. Overall, transaction volume increased by $1.4 billion in November, totaling $2.5 billion. This was a 135.7% increase from October.

The top 10 centralized cryptocurrency exchanges and their growth in November are as follows:

Market share of the top ten centralized exchanges (November 2024 )

Ranked by market share, the top ten centralized cryptocurrency exchanges are as follows:

Market share of the top ten cryptocurrency exchanges from 2018 to 2023

The following figure shows 2023 Market share of the top 10 centralized crypto exchanges by spot trading volume in 2022:

The chart below shows the top 10 centralized crypto exchanges by spot trading volume in 2022 Market share of currency exchanges:

The chart below shows the top 10 by spot trading volume in 2021 Market Share of the Top 10 Centralized Cryptocurrency Exchanges:

The chart below shows the market share of the top 10 centralized cryptocurrency exchanges by spot trading volume in 2020 :

The chart below shows the market share of the top ten centralized cryptocurrency exchanges by spot trading volume in 2019:

The chart below shows 2018 Annual market share of the top ten centralized cryptocurrency exchanges by spot trading volume: