Binance led crypto exchange market share in 2023, Upbit ranked 10th

According to an analysis by cryptocurrency data platform CoinGecko, Binance dominated the centralized crypto exchange (CEX) market last year with a 39.2% share of trading volume. Bybit followed in second place with 8.1%, and MEXC was third with 7.8%. The rest of the top 10 included Gate (7.5%), Crypto.com (7.2%), Bitget (6.4%), OKX (6.3%), Coinbase (6.1%), HTX (6.0%), and Upbit (5.5%). In terms of year-over-year growth, MEXC saw the largest increase at 90.9%, followed by Bitget (45.5%) and Gate (39.7%), all of which expanded their market share. Upbit, the only South Korean exchange to make the top 10, achieved its ranking based on spot trading volume alone. However, its volume decreased by 18.9% compared to the previous year.