"Binance Leads with 38% Global Market Share Despite Decline in CEX Trading Volume – CoinGecko Research"

# Binance Retains Dominance in Centralized Exchange Market with 38% Market Share in April 2025 As per a CoinGecko report, Binance continues to lead the centralized cryptocurrency exchange (CEX) market, holding a 38.0% share as of April 2025. The exchange reported a trading volume of $482.6 billion, marking an 18.0% drop compared to the previous month. This is the first instance since October 2024 that Binance's monthly trading volume dipped below the $500 billion mark. Gate.io claimed the second spot with a trading volume of $113.7 billion, capturing 9.0% of the market share. Notably, Gate.io was the only exchange to exhibit double-digit growth, with a 14.4% month-over-month increase in trading volume. This surge allowed it to surpass Crypto.com, which had previously held the second position but saw a decline in market share. Bitget ranked third, recording a trading volume of $92.0 billion, accounting for 7.2% of the market. The exchange has displayed consistent growth, up from a 4.6% market share at the beginning of 2025. On a quarterly basis, Bitget reported a trading volume of $279.6 billion, placing it ninth overall with a 6.2% market share. # Upbit Sees Largest Decline Among Top 10 Exchanges with a 34% Drop During the first quarter of 2025, nine out of the top 10 cryptocurrency exchanges reported declines in trading volume, with eight experiencing double-digit percentage drops. Upbit saw the most significant decline, with its trading volume plunging 34.0%. The exchange's quarterly trading volume fell from $561.9 billion in Q4 2024 to $371.0 billion in Q1 2025. The combined trading volume of the top 10 exchanges decreased by $1.1 trillion, totaling $5.4 trillion by the end of Q1 2025. This data highlights an overall market contraction, indicating a more challenging trading environment. # Intensified Competition Among Top Exchanges with Market Shares Between 5% and 9% As of April 2025, exchanges ranked from second to tenth maintained a competitive market dynamic, with market shares ranging from 5.4% to 9.0%. Gate.io led this tier with 9.0%, followed by Bitget (7.2%), MEXC (7.1%), OKX (7.0%), Coinbase (6.9%), Bybit (6.7%), Upbit (6.4%), Crypto.com (6.2%), and HTX (5.4%). The combined market share of these nine exchanges stood at 45.8%, illustrating balanced competition beyond Binance’s dominant position. HTX emerged as a standout performer, achieving a quarterly growth rate of 11.4%, the only exchange to show positive growth during the period. This data indicates tightening competition within the CEX market, while Binance remains at the forefront, solidifying its leadership even as overall volumes decline.