CCData: Binance’s Cryptocurrency Spot Trading Market Share Drops to Only 30%! OKX and Bybit are Catching Up Rapidly

CCData
Last week’s data shows that after a series of 8 months of accusations and lawsuits, the cryptocurrency exchange Binance has lost 70% of its monthly trading volume and its market share has dropped to 30%. On the other hand, OKX and Bybit, as the second and third runners-up, have rapidly grown in the past year, with their combined market share in the spot and derivative markets reaching a historical high.
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Binance’s trading volume has lost 70% in one year
OKX and Bybit catching up quickly
Executive departures and CZ stepping down, what’s next for Binance?
According to CCData, Binance’s market share in the spot market has experienced an unprecedented decline this year, dropping from 55% in the beginning of the year to 30.1% in December. The monthly trading volume in the spot market has also decreased from nearly $500 billion in January to $114 billion in September, losing over 70%. Similar data aligns with Nansen’s observation of capital outflow from Binance after CZ stepped down, and it is reported that the company’s assets have depreciated by $1 billion after reaching a settlement with the US Department of Justice.
However, CCData also revealed that despite the continuous decline in Binance’s market share, it still remains the largest centralized exchange (CEX) and far ahead of its competitors. Additionally, OKX and Bybit, as the second and third runners-up, have achieved significant market growth this year. OKX’s market share has increased from only 4% at the beginning of the year to 8% in December.

Data shows that the monthly trading volume of almost all exchanges has gradually increased in the past 3 months when considering both spot and derivative trading volume. However, Binance’s market share has dropped from 60% this year to 42%, while OKX has grown from 9% to 20.2%, ranking second. Bybit, the third-ranking exchange, holds 11.94% of the market share, which means the combined market share of the two exceeds 32%, reaching a historical high.
CCData commented that with the recent conclusion of Binance’s legal cases, although Coinbase’s SEC case is still ongoing, the notable data from OKX and Bybit highlights the response and changes in the CEX market following the aforementioned events, especially the visible surge in demand after September.
Previously, Binance and its former CEO, CZ, reached settlements of $4.3 billion with the CFTC in a lawsuit and separately settled with the US Department of Justice and the Treasury Department.
Furthermore, Binance has also faced the departure of more than 10 executives, including regional heads, chief strategists, and multiple compliance and legal advisors. This was seen as a warning at the time and undoubtedly had an impact on Binance’s personnel structure and stability.
Binance (幣安)
Bybit
CCData
CFTC
OKX
SEC
Zhao Changpeng (CZ)

Further Reading:
CFTC Chairman Rostin Behnam Interview | Clarifying a Harmonious Relationship with the SEC, CZ Will Bear Criminal Liability
CFTC: Binance Settlement May Represent Peak of Cryptocurrency Regulation, US “Escalating” Punishments for Binance