According to reports, OKX, a cryptocurrency exchange, is very close to having as many active users as Binance, the biggest cryptocurrency exchange globally.
Among CEXs, Binance continues to account for more over half (51.2%) of all crypto trading volumes. According to the research, the second tier of exchanges with a significant market share consists of OKX, Bybit, Bitget, and MEXC.
Determining Active User Counts Accurately Is Difficult
The research excludes a number of exchanges from its examination since it focuses primarily on exchanges that provide derivative products.
“Due to these exchanges’ dearth of derivatives products, we removed Coinbase, Upbit, and other big exchanges from several charts that highlight derivatives trading.”
It does point out that there aren’t many active Coinbase addresses, which suggests that a sizable portion of registered customers could not be using their accounts.
“A significant portion of Coinbase’s deposit addresses are no longer in use, as seen by the low number of active addresses compared to the vast number of deposit addresses.”
The study claims that in addition to more established competitors like Coinbase and OKX, Binance also faces up against more recent entrants like Upbit, which has increased its market share by 15% over the previous three months as a result of the expanding South Korean market.
Furthermore, it implied that a similar daily user count on the screen may be produced by their similar sizes. It also mentioned:
“In the meantime, deposit address activity on OKX and Binance is comparable, indicating that the two exchanges may have a comparable user base.”
Trading Activity on Huobi and OKX Has Increased Lately
The statement further mentions that in order to list new assets, exchanges like Bybit, Bitget, and MEXC take a portion of the trading volume.
According to a new BeInCrypto analysis, Huobi and OKX, two Asian exchanges, are gaining ground on Binance, which has seen its market share decline.
According to a study published on May 12, Huobi’s volume climbed by about 8%, whilst OKX had a 4% gain. On the other hand, Binance saw a sharp downturn, shedding around 18% of its market share in spot trading.
OKX is moving forward with its European expansion, as seen by its most recent regulatory submissions. OKX filed an application to register as a Digital Asset Service Provider (DASP) with the French financial authorities on May 23.
