Skyrocketing CEX Trade Volumes Soar by 139% in 2024
Binance Maintains Dominance in Centralized Cryptocurrency Exchanges, While Decentralized Exchanges See Record Volumes
In the world of cryptocurrency exchanges, 2024 and early 2025 have been a period of significant shifts and growth. Binance, the leading centralized exchange (CEX), saw a slight drop in market share but remained dominant, with a 38% share in 2024, a figure that increased to approximately 40.7% by Q1 2025 [1][3].
Binance's resilience was evident in its strong spot trading volume of $2.2 trillion in Q1 2025 [1]. Other notable CEXs included OKX, which held the second-largest market share at around 16.19% [2], followed by Bybit (~12.5%) and Bitget (~10.3%) [2]. Bitget demonstrated impressive growth, nearly doubling its market share to 11.45% by Q2 2025 [5].
Major players like MEXC and Gate.io also saw growth, with about 4.1% and 2.44% market shares, respectively [2]. Binance's growth was supported by strategies such as user rewards, an increasing active user base (19.4% YoY increase for BNB wallet holders), and expanded product adoption, including gaming and NFTs [2].
Meanwhile, in the decentralized exchange (DEX) sector, Uniswap took the lead with a trading volume of $106.4 billion in December 2024, followed closely by Pancake Swap with $96.4 billion [unspecified source]. The overall trading volume in crypto derivatives markets increased by 91%, reaching $53.24 billion in 2024 [unspecified source].
The aggregate monthly trading volume on DEX reached a record $463 billion in December 2024. Notably, Gate placed third among exchanges, with a growth of 244% in 2024 [unspecified source].
In the CEX market, Crypto.com showed the strongest growth, with a growth of 960% in 2024, securing third place among exchanges [unspecified source]. Bybit became the second-largest spot exchange in 2024, with a growth of 392% [unspecified source].
The combined traffic to centralized cryptocurrency exchanges grew by 22% in the same period, while Binance saw a 47% increase in registered users, surpassing 250 million in total [unspecified source]. The total spot trading volume on centralized exchanges increased by 139% in 2024, according to a year-end report from WuBlockchain [unspecified source].
In summary, Binance continues to hold a commanding lead in the CEX market, while other exchanges like Bitget, OKX, and Bybit are notable top performers in growth and market share expansion among competitors. In the DEX sector, Uniswap and Pancake Swap lead the way, with impressive trading volumes, and Gate shows strong growth. The overall crypto exchange market continues to evolve and grow, with significant increases in trading volumes and user bases.
[1] Binance Quarterly Report Q1 2025 [2] CoinMarketCap Data [3] Binance Annual Report 2024 [5] Bitget Quarterly Report Q2 2025
The finance and technology sectors witnessed substantial growth in the cryptocurrency exchange industry, with Binance, the leading centralized exchange, maintaining its dominance despite some competition from exchanges like Bitget, OKX, and Bybit. Meanwhile, the decentralized exchange sector saw record volumes, with Uniswap and Pancake Swap leading the way.
