Crypto exchange volumes surge by 139% in the year 2024
In the dynamic world of cryptocurrency, the landscape of centralized exchanges (CEX) underwent significant changes in 2024-2025. Crypto.com secured third place among exchanges in 2024, while Binance, though still dominant, experienced a decline in market share.
Binance, despite holding around 35-37% market share, saw a notable decrease in trading volume and market share starting from late 2023. The U.S. SEC's regulatory scrutiny and investigations in late 2023 led some investors to shift away from Binance products like its stablecoin BNB towards alternatives. As a result, Binance's market share dropped by over 6%, and trading volume decreased from $561.9 billion in Q4 2024 to $371 billion in Q2 2025, representing a significant contraction of -34% in volume.
Meanwhile, Crypto.com, Bybit, and Gate.io capitalized on this opening. Gate.io experienced the most pronounced growth, jumping to the second-largest spot exchange by trading volume in April 2025, with a 14.4% monthly increase in volume and a rising market share reaching 9.0% in April 2025. Bybit maintained a top 3 position, holding around 7.6% market share despite a slight decline in volume in H1 2025. Crypto.com's growth aligns with broader market rebounds and increasing institutional participation in crypto assets.
Bitget was another exchange that grew its market share slowly but steadily during this period, capturing over 7% by mid-2025. The overall centralized exchange market experienced fluctuations but showed resilience, with total trading volume reaching multi-trillion-dollar levels in early 2025, indicating sustained or growing demand for crypto trading despite some regulatory headwinds.
The DEX sector also posted gains in 2024. Uniswap led the DEX sector with a trading volume of $106.4 billion in December 2024, while Pancake Swap followed closely with a trading volume of $96.4 billion. The aggregate monthly trading volume on Decentralized Exchanges (DEX) reached a record of $463 billion in December 2024.
These findings are based on data from 2023 and 2024, as reported by WuBlockchain. In 2023, the total spot trading volume on centralized exchanges was approximately $7.68 billion. However, the total spot trading volume on CEX increased by 139% in 2024, reaching $18.38 billion. Similarly, the overall trading volume in crypto derivatives markets increased by 91%, reaching $53.24 billion in 2024.
In summary, Binance’s market share decline is linked to regulatory pressures and investor caution, while Crypto.com, Bybit, Gate.io, and other exchanges capitalized on this opening by expanding their product offerings, compliance measures, and market reach, leading to their significant growth in 2024-2025. The DEX sector also showed promising growth, with Uniswap and Pancake Swap leading the way. The crypto market continues to evolve, and these trends are likely to shape its future developments.
[1] WuBlockchain. (2025). 2024 Year-End Report: Centralized and Decentralized Exchanges. Retrieved from https://wublockchain.com/report-2024/ [2] CryptoSlate. (2025). Crypto.com Surges to Third Place Among Exchanges in 2024. Retrieved from https://cryptoslate.com/crypto-com-surges-to-third-place-among-exchanges-in-2024/ [3] The Block. (2025). Binance Loses Ground as Competitors Steal Market Share. Retrieved from https://www.theblockcrypto.com/post/91948/binance-loses-ground-as-competitors-steal-market-share [4] Coindesk. (2024). U.S. SEC Investigates Binance for Potential Violations. Retrieved from https://www.coindesk.com/us-sec-investigates-binance-for-potential-violations/
- In the dynamic landscape of cryptocurrency, Binance's decline in trading volume and market share, coupled with regulatory investigations, led some investors to explore alternative finance options, such as Bitcoin, on competing exchanges like Crypto.com and other platforms that emerged as strong competitors in technology and finance, exemplifying the resilience of the industry.
- Despite Binance's challenges, the overall centralized exchange market, including Bitcoin's transactions, experienced growth, with total trading volume reaching multi-trillion-dollar levels in early 2025, indicative of sustained or growing demand for crypto trading despite regulatory headwinds. These findings reflect the evolving nature of the Bitcoin industry, driven by technological advancements and emerging competition in the finance sector.
