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<p class="is-style-lead">According to recent data released by 0xScope, Binance, the world’s largest cryptocurrency exchange, is facing a decreasing market share, where it currently sits at 51.2%.&nbsp;</p>
<p>Other major players like Huobi, Gate and KuCoin have also experienced declines in their market shares during the same time period.</p>
<h2 class="wp-block-heading" id="a-steady-rise">A steady rise</h2>
<p>The&nbsp;<a target="_blank" href="https://www.0xscope.com/blog/The-2023-CEX-Market-Report-1721474978107490304/?ch=tw" rel="noopener noreferrer nofollow">Nov. 6 report</a>&nbsp;highlights that while Binance has maintained its top position in the centralized exchange arena, commanding over 50% of the market, its dominance has waned, particularly in the last year and last three months, as shown in a 10% decline in trading volume. The news comes alongside regulatory scrutiny and the departure of several key executives.</p>
<p>At the same time, OKX has steadily risen to become the second-largest exchange for both spot and derivative trading, followed by Bybit, Bitget and MEXC. Meanwhile, Huobi has fallen behind, placing it in the third tier along with Kucoin and Gate.</p>
<p>You might also like: <a href="http://https://crypto.news/binance-records-huge-194m-tron-trx-withdrawal/" rel="noopener noreferrer nofollow"> Binance records huge $194m Tron (TRX) withdrawal </a></p>
<p>When it comes to deposit addresses, the 0xScope report goes on to compare OKX and Binance in terms of deposit address activity, finding that the two exchanges had a similar number of active users while Coinbase is showing numbers that suggest historical deposit addresses are no longer being used.</p>
<h2 class="wp-block-heading" id="okx-back-on-the-rise">OKX back on the rise</h2>
<p>Another notable finding found that in terms of social media, and more specifically X, Binance is showing a downward trend despite increasing followers; at the same time, OKX has tripled its following.</p>
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"><iframe title="Senior Binance executives quit amid company's legal battles" width="1020" height="574" src="https://www.youtube.com/embed/5BLWlI965CI?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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<p>Although the report was released with an investment from OKX Ventures, the findings do suggest an interesting state of the market.</p>
<p>Read more: <a href="https://crypto.news/coingecko-reports-top-cexs-kucoin-falls-out-of-top-10/" rel="noopener noreferrer nofollow"> CoinGecko reports top CEXs, Kucoin falls out of top 10 </a></p>

Research reveals Binance’s shrinking market share in CEXs

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