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<a href="https://bitcoinworld.co.in/is-binance-losing-ground-as-the-worlds-largest-crypto-exchange/" title="Is Binance Losing Ground As The World’s Largest Crypto Exchange" rel="nofollow"></a>
<ul> 
 <li style="font-weight: 400">Binance remains king of crypto exchanges currently, though “second-tier” competitors are starting to gain market share.</li> 
</ul> 
According to a <a href="https://www.0xscope.com/blog/The-2023-CEX-Market-Report-1721474978107490304/?ch=tw">new analysis</a> by 0xScope, Binance’s dominance over the centralized crypto exchange market has diminished over the last year. 
According to the blockchain analytics firm, Binance’s trading volume and other indicators are “around 10% lower overall,” while competition from OKX and other “second-tier exchanges” is increasing. 
<h3 id="span-style-font-weight-400-binance-s-second-tier-competitors-span">Binance’s Second Tier Competitors</h3> 
According to the research, Binance is the undisputed leader in global crypto volume, accounting for 51.2% of CEX volume share between October 17, 2022, and October 17, 2023. 
However, on a weekly basis, that volume has decreased. Binance’s dominance, which was at 54.6% in October 2022, has decreased to around 45% since July. 
Meanwhile, OKX’s volume share has risen from 10.5% last year to 16.1% in the most recent week, cementing its position as a “solid no.2” among exchanges. Bybit, Bitget, and MEXC are the companies that have “maintained healthy growth trends in the past year.” 
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Due to a lack of derivatives trading volume, big exchanges such as Upbit and Coinbase were omitted from the ranking. In the spot market, both exchanges ranked second and third, with Upbit’s stake increasing dramatically from 5% to 15% in a 52-week period. 
Binance’s spot market dominance has fallen to 40% throughout this time, down from 62% only one year ago. According to 0X, the drop may be attributable to the exchange’s listing strategy, as most popular coins dropped in value immediately after listing on Binance. 
In comparison, Binance’s futures volume has remained more stable, but it has dropped from 50% earlier this year to 45% in recent weeks. During the same time period, OKX’s volume share increased from 10% to 15%. 
In June, the Securities and Exchange Commission (SEC) filed a critical complaint against Binance, alleging everything from misuse of customer assets to the listing of several unregistered securities. 
<h3 id="span-style-font-weight-400-an-on-chain-look-span">An On-Chain Look</h3> 
Looking at blockchain data, Binance also has the highest crypto asset value of any CEX at 45%, down from 50% last year. Its primary rivals in this space are Coinbase and Bitfinex, the latter of which has a tight association with Tether, which has $85 billion in reserves. 
When looking at the deposit addresses opened at each exchange, the exchange’s dominance is significantly reduced. Binance and Coinbase <a href="https://cryptopotato.com/binance-is-losing-ground-as-the-worlds-largest-exchange-0x-report/">have</a> almost equal weighting at around 30% each, although the former’s proportion increases to 40% when only active addresses are counted. 
<blockquote>
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</blockquote> 
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Is Binance Losing Ground As The World’s Largest Crypto Exchange

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