The report noted that Binance remains the dominant player in the cryptocurrency trading space, responsible for more than half (51.2%) of trading volumes among centralized exchanges (CEXs). Following closely behind are OKX, Bybit, Bitget, and MEXC, which collectively constitute the second tier of exchanges with significant market share.

The report primarily focuses on exchanges that provide derivative products, excluding several other exchanges from the analysis.

Nevertheless, the report highlights that Coinbase has a comparatively low count of active addresses, suggesting the potential scenario where a substantial portion of registered users might not be actively using their accounts.

As per the report's findings, Binance faces competition not only from established rivals such as OKX and Coinbase but also from emerging players like Upbit, which has captured a 15% market share over the past three months, thanks to its expanding presence in the South Korean market.

Furthermore, the report indicates that their similar scale could lead to a comparable daily user count on the platform.

In addition, it pointed out that OKX and Binance exhibit similar levels of activity concerning deposit addresses, implying that these two exchanges may have a relatively equal number of active users.

OKX and Huobi Experience Growing Trading Activity in Recent Times

Furthermore, the statement highlights that exchanges such as Bybit, Bitget, and MEXC are also gaining trading volume by implementing strategies to list a wider range of assets.

A recent report from BeInCrypto indicates that Binance's market share has been on the decline, while OKX and Huobi, two prominent Asian exchanges, are making significant strides.

On May 12, a report revealed that Huobi had increased its trading volume by approximately 8%, while OKX experienced a 4% uptick. Conversely, Binance witnessed a substantial decrease, losing around 18% of its market share in spot trading.

Meanwhile, OKX is actively pursuing expansion into the European market, including recent efforts in regulatory compliance. On May 23, OKX submitted an application to the French financial regulator, seeking registration as a Digital Asset Service Provider (DASP).