Binance Remains the Top-Ranked Centralized Exchange (CEX) Despite April Volume Drop

CoinGecko's April 2025 report confirms Binance held the top spot among centralized exchanges (CEXs), with a 38% market share.

CoinGecko's latest report highlights a shift in the top centralized exchange (CEX) rankings for April 2025. While Binance maintained its top spot with a 38% market share, it experienced a decline in activity.

Top 10 CEXs' Market Share in April 2025

Source: CoinGecko

As the May 7 report shows, Binance's monthly spot trading volume decreased by 18% from March, settling at $482.6 billion. This is the platform's lowest monthly volume since October 2024, based on the updated CEX market analysis.

The decrease in Binance's volume also aligns with a broader trend across centralized exchanges. According to CoinGecko's data, total spot trading volume for all CEXs fell to $1.3 trillion in April 2025, down from $1.4 trillion in March.

The report notes that this decline reflects reduced market activity following the early-year surge. Binance's 18% drop to $482.6 billion in April aligns with this broader slowdown. This represents a 7.1% decrease in total monthly volume across the market.

CoinGecko's chart shows October 2024 recorded $1.1 trillion in spot volume. Trading volumes rose sharply to $2.5 trillion in November and peaked at $2.9 trillion in December 2024. Activity declined to $2.2 trillion in January, then to $1.7 trillion in February, followed by further drops in March ($1.4T) and April ($1.3T).

Despite the cooling trend, Binance remained the market leader. In April, it processed over $350 billion more than its nearest competitor, maintaining its dominance among centralized exchanges.

The exchange also continues to attract the largest share of global spot volume, according to data from CoinMarketCap. Binance supports over 1,600 trading pairs and regularly records more than $15 billion in daily volume. However, its monthly dominance has slowly eroded since early 2024, when it controlled over 44% of the CEX market.

CoinGecko's full research adds that the decrease in market share is due to competition from newer platforms and increased regulatory constraints in some jurisdictions. Still, with its nearest rivals lagging significantly behind, Binance remains the leading CEX by a wide margin.

As of May, the gap between Binance and the next largest exchange is over 28 percentage points. The April decline may indicate temporary market weakness, but Binance's structural dominance persists.