The global cryptocurrency ecosystem continues to evolve at a rapid pace, with centralized exchanges (CEXs) remaining a cornerstone for traders and investors alike. Known for their high liquidity, intuitive interfaces, and robust security features, CEX platforms dominate digital asset trading activity worldwide.
According to the latest market share data from industry analysts, a handful of exchanges have emerged as clear leaders in 2025. These platforms not only handle the highest trading volumes but also shape market trends, influence price movements, and set benchmarks for innovation and compliance.
This article explores the top 5 largest crypto exchanges based on market share and trading volume performance as of December 2024 — a pivotal year marked by regulatory shifts, geopolitical events, and surging institutional interest.
1. Binance: The Undisputed Market Leader
Binance continues to lead the global CEX landscape with a market share of 34.7% in December 2024. The platform recorded an impressive **spot trading volume of $1 trillion** over a single month — a 2.3% increase from November’s $979.1 billion.
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For the full year, Binance maintained an annual market share of 42.4% among the top 10 CEXs, accounting for approximately **$7.4 trillion** of the total $17.4 trillion traded across major platforms.
Despite its dominance, Binance experienced a gradual decline in market share throughout 2025. At the beginning of the year, it held 44.1%, but this dropped below 40% starting in September due to increased competition and regulatory scrutiny in key markets.
Still, Binance remains unmatched in terms of product offerings, global reach, and user base — making it the go-to exchange for both retail and institutional traders.
2. Crypto.com: A Strong Contender with Global Reach
Coming in second is Crypto.com, which secured an 11.2% market share and achieved a monthly spot trading volume of **$322.3 billion** in December 2024 — a **12.7% increase** from November’s $286.1 billion.
Notably, Crypto.com was the only exchange besides Binance to maintain a double-digit market share during that period. Its fourth-quarter trading volume surged to **$757.8 billion**, far exceeding the combined total of $539.8 billion from the first three quarters.
This growth was fueled by rising adoption among institutional clients and high-frequency traders. With operations spanning over 100 countries, Crypto.com benefits from broad regulatory compliance and localized services that enhance accessibility.
Its strategic partnerships, strong marketing campaigns, and expanding ecosystem — including payment cards, wallets, and staking solutions — have solidified its position as a top-tier exchange.
3. Upbit: South Korea’s Trading Powerhouse
Upbit claimed third place with a 9.8% market share and a monthly spot trading volume of **$282.7 billion** in December 2024 — a significant **22% increase** from November’s $231.8 billion.
After re-entering the top three in November, Upbit sustained momentum into year-end, recording the fastest quarterly growth rate among all major exchanges. Its Q4 2024 trading volume skyrocketed by 314.8%, jumping from $135.5 billion to **$561.9 billion**.
A key catalyst behind this surge was a brief military emergency declared in South Korea on December 3, which triggered a wave of domestic investor activity. During that time, Upbit’s daily trading volume spiked sixfold, rising from an average of $3.5 billion to nearly **$21 billion per day**.
As South Korea's largest domestic exchange, Upbit benefits from strong local adoption and regulatory clarity — positioning it as a dominant force in the Asia-Pacific region.
4. Bybit: Rapid Growth Through Innovation
Bybit ranks fourth with a market share of 8.92% and a spot trading volume of $257 billion in December 2024.
The platform demonstrated consistent growth, with monthly volume reaching $258.6 billion** — up **5.1% from November’s $246 billion. On a quarterly basis, Bybit showed strong expansion, growing its Q4 trading volume by 44.7% to **$687.3 billion**, up from $475.1 billion in Q3.
Known for its advanced trading tools, derivatives offerings, and responsive customer support, Bybit has successfully attracted experienced traders and active investors.
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Its focus on user experience and global community engagement has driven steady user acquisition across North America, Europe, and Southeast Asia.
5. Gate.io: Momentum Builder in Late 2025
Rounding out the top five is Gate.io, which climbed to fifth place with a 6.81% market share and a spot trading volume of $196.4 billion in December 2024.
Monthly volume rose to $197.7 billion**, marking a **7.3% increase** from November’s $184.2 billion. More impressively, Gate.io posted a quarterly growth rate of 137.2%** — one of the highest in the industry.
Its Q4 trading volume reached **$579.1 billion**, more than double the previous quarter’s $244.2 billion. This surge reflects growing confidence among traders and increased listing activity for emerging tokens.
Gate.io’s long-standing presence, diverse asset selection, and responsive platform updates have helped it regain relevance in a competitive landscape.
The Broader Market Picture
Beyond the top five, other notable exchanges include Coinbase, Bitget, OKX, MEXC, and HTX, all ranking within the top 10 by market share.
Collectively, these 10 platforms saw their total trading volume grow by 111.7% in Q4 2024, adding $3.4 trillion** in just three months and reaching a combined total of **$6.4 trillion.
Eight out of ten exchanges reported triple-digit percentage growth during the quarter, with Upbit leading the pack in terms of volume expansion.
This resurgence highlights a broader trend: after a period of stagnation in decentralized exchange (DEX) activity, centralized platforms are regaining momentum due to improved security, better liquidity, and stronger regulatory frameworks.
Frequently Asked Questions (FAQ)
What defines a centralized crypto exchange (CEX)?
A centralized exchange (CEX) is a platform operated by a company that facilitates buying, selling, and trading of cryptocurrencies. It acts as an intermediary between buyers and sellers, managing order books, custody of funds, and transaction execution.
Why do traders prefer CEXs over DEXs?
Traders often choose CEXs for their higher liquidity, faster transaction speeds, user-friendly interfaces, customer support, and access to advanced trading features like margin and futures trading — advantages that many decentralized exchanges (DEXs) still struggle to match.
How is market share calculated for crypto exchanges?
Market share is typically determined by comparing an exchange’s monthly or quarterly trading volume against the total volume across all major platforms. Data aggregators like CoinGecko and Nomics use verified API data to ensure accuracy.
Are these rankings stable over time?
No — exchange rankings can shift rapidly due to regulatory changes, security incidents, regional events (like South Korea’s emergency), or strategic launches (such as new products or country expansions). While Binance remains dominant, competition is intensifying.
Is it safe to use large centralized exchanges?
Most top-tier CEXs implement strong security measures including cold storage, two-factor authentication (2FA), insurance funds, and regular audits. However, users should always practice self-custody when possible and avoid keeping large amounts on any exchange long-term.
What role do institutional investors play in CEX growth?
Institutional participation brings massive capital inflows, stabilizes markets, and increases legitimacy. Platforms like Crypto.com and Bybit have invested heavily in institutional-grade infrastructure to attract hedge funds, asset managers, and corporate treasuries.
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As the crypto market matures in 2025, centralized exchanges continue to play a vital role in onboarding new users, facilitating innovation, and driving mainstream adoption — all while navigating complex regulatory environments and evolving user demands.
For traders seeking reliability, performance, and scale, choosing a top-ranked CEX is more important than ever.