Richard

Billion

Spot

Coin

Trillion

According to a recent CoinGecko report, Binance, the world’s largest<a href="https://www.newsbtc.com/binance-smart-chain/binance-smart-chain-bsc-market-cap-hits-new-milestone-registering-48-qoq-surge/" target="_blank" rel="noopener "> centralized exchange (CEX)</a> by trading volume, has retained its market leadership position in 2023.&nbsp; 
Despite facing increased <a href="https://bitcoinist.com/warning-binance-collapse-and-10-year-sentence-looms/" target="_blank" rel="noopener nofollow">regulatory scrutiny</a> and undergoing significant leadership changes, Binance maintained a market share of 43.7% and saw its spot trading volume rise to $427.1 billion in December 2023, representing a 37.5% month-on-month (MoM) increase. 
<h2 id="binance-trading-volume-reached-3-8-trillion-in-2023">Binance Trading Volume Reached $3.8 Trillion In 2023</h2> 
According to CoinGecko’s <a href="https://www.coingecko.com/research/publications/centralized-crypto-exchanges-market-share" target="_blank" rel="noopener nofollow">report</a>, Binance started the year with a commanding 63.5% market share but experienced a gradual decline throughout 2023, ending with a 43.7% market share in December.&nbsp; 
While Binance still dominated the market with 52.6% of the total spot trading volume in 2023, the exchange’s relative market share decline was notable. In absolute terms, Binance generated $3.8 trillion in trading volume throughout the year. 
<img loading="lazy" decoding="async" class="size-large wp-image-572607" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot_45.jpg?w=629&amp;resize=629%2C575" alt="Binance " width="629" height="575" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot_45.jpg?w=629&amp;resize=629%2C575 629w, https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot_45.jpg?w=460 460w" sizes="(max-width: 629px) 100vw, 629px" data-recalc-dims="1"> 
As previously reported, Binance faced significant regulatory pressure throughout 2023, culminating in a settlement agreement in November that required the exchange to pay a <a href="https://bitcoinist.com/binance-cz-grapple-with-massive-2-7-billion-fine/" target="_blank" rel="noopener nofollow">$4.3 billion fine </a>to the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CTFC) for alleged financial breaches.&nbsp; 
As part of the <a href="https://bitcoinist.com/binance-ceo-to-step-down-4-billion-settlement/" target="_blank" rel="noopener nofollow">settlement</a>, Binance’s CEO, Changpeng Zhao (CZ), also agreed to step down. Richard Teng has assumed the role of the company’s head, while CZ remains restricted from traveling outside the jurisdiction of the United States as the legal battle unfolds.&nbsp; 
<h2 id="upbit-and-okx-follow-closely">Upbit And OKX Follow Closely</h2> 
Upbit, South Korea’s largest cryptocurrency exchange, managed to maintain its position as the second-largest centralized exchange in 2023, with a 9.5% market share and $687.0 billion in spot trading volume for the year. 
According to the report, <a href="https://www.newsbtc.com/news/south-korea-crypto-exchanges-upbit-and-bithumb-probed-over-lawmakers-scandal/" target="_blank" rel="noopener ">Upbit </a>benefited from the Kimchi Premium, which resulted in strong local demand and premium prices for crypto assets.&nbsp; 
The exchange’s monthly spot trading volume hit a yearly high of $90.7 billion in December, with a 93.5% quarter-on-quarter (QoQ) increase. 
Conversely, <a href="https://www.newsbtc.com/news/okx-dex-loses-over-400000-to-hackers-what-happens-to-customer-funds/" target="_blank" rel="noopener ">OKX </a>secured the third position among centralized exchanges in 2023, with a 6.7% market share and $485.9 billion in trading volume. Throughout the year, OKX experienced a steady increase in market share, starting at 5.1% in January and ending at 8.9% in December.&nbsp;The exchange’s trading volume in Q4 reached $177.9 billion, reflecting a notable 151.6% QoQ gain. 
Among the top 10 centralized exchanges, CoinGecko reports that MEXC recorded the highest growth in Q4 2023, with trading volume surging by 203.7% to $90.4 billion.&nbsp; 
Bybit followed closely with a growth rate of 162.1% ($107.5 billion), while KuCoin experienced a growth rate of 161.2% ($49.2 billion). KuCoin regained its spot in the Top 10 in Q4 after briefly losing it in Q3, with a market share of 3.3% at the end of December. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/cUfzPi1M/" alt="Binance" width="1815" height="858"> 
Binance Coin (<a href="https://www.newsbtc.com/news/binance-coin-bnb-blasts-off-10-gain-sparks-350-price-predictions/" target="_blank" rel="noopener ">BNB</a>) has successfully maintained its position above the $300 threshold, with the current trading price standing at $304. This represents a 1.8% decrease in price over the past 24 hours. 
Featured image from Shutterstock, chart from TradingView.com&nbsp;

Binance Sets New Record: Spot Trading Volume Reaches $427 Billion

목차

NewsBTC

2024년 2월 1일에 게재된 다른 기사

Why is the crypto market down today? Bitcoin down to $42K

Celsius Makes Good On Promise, Begins Distributing $3 Billion To Creditors

How Bitcoin miners are keeping BTC’s price stable

What To Expect From Blockchain Gaming Companies in 2024

10 Best Cryptocurrencies To Stake For Highest APY In 2024

Finance Minister Proposes No Change To Taxation During India Budget 2024 Speech

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!