Binance dominates spot and derivative crypto trading, and competition isn’t even close.

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%

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