A recent report suggests that the number of active users on the cryptocurrency exchange OKX is approaching that of the world’s largest exchange, Binance. The report indicates that Binance still holds over half (51.2%) of the cryptocurrency trading volume among centralized exchanges (CEX). OKX, Bybit, Bitget, and MEXC are among the exchanges with the next largest market share on this list.
It’s not easy to accurately calculate the exact number of active users. The report primarily examines exchanges that offer derivatives products, excluding some exchanges from the analysis. Exchanges like Coinbase, Upbit, and other major exchanges were excluded because they lack derivative products.
However, it’s worth noting that Coinbase has a large number of deposit addresses but relatively low active addresses, suggesting that a significant number of registered users may not be actively using their accounts.
The report highlights that Binance is not only competing with traditional competitors like OKX and Coinbase but also with newer rivals like Upbit, which has gained a 15% market share in the past three months as the Korean market continues to grow.
Furthermore, the report notes that exchanges such as Bybit, Bitget, and MEXC are also making efforts to increase their trading volumes by listing more coins. A recent BeInCrypto report revealed that Binance’s market share is gradually decreasing, with OKX and HTX (formerly Huobi), two Asian exchanges, gaining ground.
On May 12, a report revealed that HTX had increased its trading volume to about 8%, while OKX saw a 4% increase. In contrast, Binance experienced a significant decline, losing about 18% of its spot trading market share.
Meanwhile, OKX is making strides in expanding into Europe. On May 23, OKX applied for registration with the French financial regulator to become a Digital Asset Service Provider (DASP).