The centralized cryptocurrency exchange (CEX) market witnessed significant changes in April 2025, with market leader Binance experiencing a sharp decline in trading volume, while Gate.io rose to second place.
Centralized Crypto Exchange Rankings Shook in April as Binance Drops Below $500 Billion in Volume
Despite maintaining its position as the largest CEX by spot trading volume, Binance’s market share fell slightly to 38.0% from 40.1% in March. The exchange recorded a trading volume of $482.6 billion, down 18.0% on a monthly basis compared to $588.7 billion in March.
This marks the first time Binance’s spot volume has fallen below $500 billion since October 2024, raising concerns about whether the exchange’s dominance is starting to plateau.
Binance led the top 10 exchanges with a 37.5% market share in the first quarter of 2025, carrying $2.0 trillion of the total $5.4 trillion trading volume.
Gate.io Moves to Second Place
Gate.io posted the strongest growth among all major exchanges in April, moving into second place with a 9.0% market share and $113.7 billion in trading volume, up 14.4% from $99.4 billion in March.
This rise put Gate.io ahead of Crypto.com, which has been losing market share steadily since February. Notably, Gate.io was the only exchange to record double-digit growth in April.
On a quarterly scale, Gate.io is projected to decline from $413.2 billion in Q4 2025 to $361.3 billion in Q1 2024. Despite the decline in Q1, its momentum in April positions it as a significant competitor to Binance.
Bitget Climbs to Third Place
Bitget achieved modest monthly growth of 1.7%, coming in third place with a 7.2% market share and $92.0 billion in spot trading volume in April.
Bitget has steadily expanded its footprint this year, leaving several rivals behind, starting 2025 with just a 4.6% share. However, its Q1 performance still lags behind, with $279.6 billion in total volume during the quarter and a 6.2% market share, making it only the ninth-largest exchange.
Broader Industry Trends: Most Stocks Down
Overall, the centralized exchange sector contracted in Q1 2025, with eight of the top 10 exchanges experiencing double-digit volume declines. Overall trading volumes shrank by $1.1 trillion, while the top 10 exchanges traded $5.4 trillion in Q1.
Upbit recorded the steepest decline of 34.0%, with transaction volume falling from $561.9 billion in Q4 2024 to $371.0 billion in Q1 2025.
While Binance remains the undisputed market leader, recent data highlights the increasing fragmentation among competitors, with Gate.io and Bitget in particular making significant gains.
*This is not investment advice.
