The 2023 CEX Market Report by 0xScope, published on November 6, 2023, provides a comprehensive overview of the changing landscapes within the centralized exchanges (CEXs) over the past year. It highlights the shifting dynamics and the rise of second-tier exchanges like OKX and Upbit challenging Binance’s previously uncontested dominance.
Binance’s grip on the market has loosened, with its trading volume and other indicators shrinking by approximately 10%. Despite holding more than half of the market’s share at 51.2%, there’s been a noticeable decrease from its 54.6% share in October 2022.
Spot trading competition has intensified, with Binance’s share dropping from 62% to 52.5% over the year. Upbit’s ascent in the market has been significant, leaping from a 5% to a 15.3% share, largely propelled by the vibrant South Korean market.
While Binance still leads in derivatives with a share of around 45%, down from 50.9%, it is facing…
