CoinGecko recently released its Q3 2023 report on spot trading volumes across centralized exchanges, revealing significant shifts in market dominance. The current top five exchanges are Binance, Upbit, Huobi, Coinbase, and Bybit - demonstrating how quickly the competitive landscape evolves.
Binance's Market Share Declines
The report highlights Binance's declining trading volumes since March 2023, with a staggering 30.3% drop between August and September alone. By Q3's end, monthly volume stood at approximately $130 billion - far below its March 2023 peak of $559.8 billion.
This downturn stems from intensified regulatory pressure:
- CFTC lawsuit alleging compliance failures (Full analysis)
- SEC charges for securities law violations (CZ's response)
Despite these challenges, Binance maintained a 43.9% market share as of September.
South Korea's Upbit Gains Momentum
Ranking second with 11.5% market share, Upbit achieved record-breaking September volumes of $34.8 billion. The Korean exchange demonstrates robust 17.7% monthly growth, fueled by:
- South Korea's thriving crypto ecosystem
- Unique market-making culture
- Domestic market dominance
👉 Discover why Korea became a crypto trading powerhouse
Huobi's Remarkable Comeback
Now under Justin Sun's ownership, Huobi claims third position with 7.8% market share ($23.6 billion September volume). Its 70%+ growth since rebranding marks a dramatic return to prominence.
Current Exchange Rankings
Other top-10 competitors hold sub-7% shares:
| Rank | Exchange | Market Share |
|---|---|---|
| 4 | Coinbase | 6.8% |
| 5 | Bybit | 6.7% |
| 6 | OKX | 6.0% |
Market-Wide Contraction
Overall spot trading volumes declined from $700 billion in early 2023 to approximately $300 billion by Q3's end, reflecting broader market cooling.
FAQ Section
Q: Why is Binance losing market share?
A: Regulatory actions by US agencies (CFTC/SEC) have eroded user confidence and created operational challenges.
Q: What makes Upbit successful?
A: Korea's enthusiastic retail trading culture and Upbit's domestic monopoly create ideal conditions for volume growth.
Q: How did Huobi regain traction?
A: Strategic rebranding under new ownership revitalized its platform and trading incentives.
👉 Learn how leading exchanges adapt to market changes
Risk Disclosure
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