With competition remaining fierce among major players in the centralized crypto exchange sector, it is easy to forget that Binance dominates both spot and derivatives trading volume — and its competitors aren’t even close to catching up.
Over the last 24 hours, Binance garnered just over 55% of the total spot volume for cryptocurrency exchanges tracked by The Block Research. Only three crypto exchanges accounted for more than 5% — Upbit (6.1%), OKX (5.4%) and Coinbase (5.3%) — while Kucoin and FTX accounted for 4.7% and 4.5%, respectively.
Binance’s U.S. exchange also beat out FTX.US, with the former garnering 1.4% of the total volume and the latter accounting for 0.6%
