In July 2025, Binance solidified its position as the leading centralized cryptocurrency exchange (CEX) in the spot market, commanding a 39.8% market share, according to a recent CoinGecko report. The exchange continues to outpace competitors, with MEXC securing the second spot at 8.6% and Gate taking third place with a 7.8% share.
The remaining top-10 CEXs collectively hold 43.8% of the market, with market shares relatively evenly distributed among those ranked fourth to tenth, ranging between 5% and 7% each. Notably, Coinbase has seen a gradual decline in its market share throughout 2025. Starting the year at 7%, its share dropped to 5.8% by July, placing it ninth with a trading volume of just over $101.7 billion for the month, CoinGecko analysts noted.
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A broader trend in the second quarter of 2025 highlights a decline in trading activity on centralized exchanges. Traders are increasingly turning to decentralized exchanges (DEXs), which have gained market share amid the waning performance of CEXs. This shift reflects growing interest in decentralized platforms as market dynamics evolve.
