Top 10 centralized exchanges by 2023 | CoinGecko: Binance declines, Upbit and Huobi grow

CoinGecko has released a report on the spot trading volume rankings of centralized exchanges up to the third quarter of 2023. The current top five exchanges are Binance, Upbit, Huobi Exchange, Coinbase, and Bybit. Historical data also shows that the market landscape changes rapidly.

Decline in Binance's Market Share

According to reports, the trading volume on the Binance exchange has been gradually decreasing since March of this year. The volume change from August to September alone decreased by 30.3%, with the trading volume at the end of the third quarter totaling around $130 billion, significantly lower than the annual high of $559.8 billion set in March 2023.

The decline in trading volume is attributed to regulatory pressures from the U.S. CFTC and SEC, leading users to face the choice of regulatory risks.

However, as of September this year, Binance's market share still remains at the top with approximately 43.9%.

Rapid Growth of Korean Exchanges

The second-place exchange is the centralized Korean exchange, Upbit, with a market share of 11.5%. Its trading volume reached a new high this year, with a spot trading volume of $34.8 billion in September. Upbit is still growing, with a monthly growth rate of about 17.7% at the end of the third quarter.

The author speculates that Upbit's growth stems from the growth of the cryptocurrency market in Korea, whether it be Upbit's monopoly in the Korean market or Korea's unique market-making culture, which has successfully boosted its trading volume.

Resurgence of Huobi

The third-place exchange is Huobi, with a market share of approximately 7.8%. In September this year, the trading volume was $23.6 billion. After the acquisition and rebranding by Justin Sun, Huobi has returned to the top ten, showing over 70% growth compared to the beginning of this year.

Current Exchange Rankings

The other top 10 competitors each have less than 7% market share, with Coinbase at 6.8%, Bybit at 6.7%, and OKX at 6.0%. Below are the market shares of the top ten exchanges as of September this year:

2023 Centralized Exchange Spot Trading Rankings

Overall Market Decline

In terms of the overall market, the trading volume reached $700 billion at the beginning of this year. However, there has been a gradual decrease throughout the year, with only around $300 billion remaining by the end of the third quarter.