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Leading crypto exchange Binance is losing market share to smaller competitors and decentralized exchanges (DEXs).&nbsp;
<a href="https://insidebitcoins.com/news/former-binance-ceo-changpeng-zhao-shares-future-plans-in-first-tweet-after-prison-release" rel="noopener noreferrer nofollow">Binance</a> has seen a 13% year-over-year reduction in its spot trading volume from 52.5% in October 2023 to 39.5% this month, according to an Oct. 21 <a href="https://t.co/0PsYzBujP3" rel="noopener noreferrer nofollow">report</a> by 0XScope.
<img decoding="async" src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/44f02211057a4d34aefe4b21f5560f0e.jpeg" alt="Nigerian Court Sets Verdict Date for Binance Tax Evasion Trial: Guest Post by Crypto Intelligence | CoinMarketCap">
<h2 id="span-style-font-weight-400-derivative-trading-activity-on-binance-drops-as-smaller-competitors-gain-span">Derivative Trading Activity On Binance Drops As Smaller Competitors Gain</h2>
Crypto derivatives trading activity on the leading exchange platform has undergone a similar trend, with an 8.4% year-over-year decrease to 42.5% as of October 2024, the report said.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 New on 0xScope: The 2024 CEX Market Report
 Some of our latest findings: 📊 <a href="https://twitter.com/Bybit_Official?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Bybit_Official</a> jumps from #7 to #2 in spot trading, now #3 overall behind #1 <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@binance</a>, #2 <a href="https://twitter.com/okx?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@okx</a> 📉 Binance market share shrinks for 2nd straight year, but shows signs of recovery 📈 DEX volume is now 15%… <a href="https://t.co/O4bmqDnk7g" rel="noopener noreferrer nofollow">pic.twitter.com/O4bmqDnk7g</a>
 — 0xScope (@ScopeProtocol) <a href="https://twitter.com/ScopeProtocol/status/1848318340877647924?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 21, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Smaller exchanges such as <a href="https://cryptocodes.care/b_bitget_65813" rel="noopener noreferrer nofollow">Bitget</a>, <a href="https://cryptocodes.care/b_bybit_65869" rel="noopener noreferrer nofollow">Bybit</a> and <a href="https://cryptocodes.care/b_okx_66156" rel="noopener noreferrer nofollow">OKX</a> are winning share. Bitget surged from seventh with a 3.2% share of the market last year to just behind <a href="https://cryptocodes.care/b_Binance_65777" rel="noopener noreferrer nofollow">Binance</a> at number 2 after its share more than doubled to 8.51% over the same period, the report added.
OKX’s market share also rose, with an uptick from 5.4% to 6.38% over the period. Bitget’s focus on educational initiatives, user-centric platform development and several strategic partnerships have helped the exchange boost its market share from 7% to 10.28%.
<h2 id="span-style-font-weight-400-dexs-gain-momentum-span">DEXs Gain Momentum</h2>
Smaller centralized competitors are not the only platforms taking advantage of Binance’s dwindling market share, as trading volumes on DEXs also grew “significantly larger,” according to the report. 
Trading activity on decentralized exchanges surpassed the monthly $250 billion mark back in March and June this year for the first time since December 2021.
Centralized exchange platforms are still the preferred option for many crypto traders though. As of Oct. 17, the trading volume on DEXs in relation to centralized exchanges stood at 13.6%. This means that for every $1 billion traded on centralized platforms, there is around $136 million being traded on DEXs.
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Binance Market Share Shrinks As Smaller Competitors And DEXs Gain Ground

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