Centralized crypto exchanges, which hold customers' private keys unlike decentralized exchanges, reported more than $14 trillion in trading volume in the year 2021, according to The Block Research.
That figure is a massive 689% increase compared to 2020 trading volumes, based on data as of December 24. Last year, centralized crypto exchanges facilitated over $1.8 trillion in trading volumes.
All these numbers are from The Block's Legitimate Index, which takes volume data from the largest exchanges that are known to be reporting volumes more accurately.
Binance continues to dominate the centralized crypto exchange market. It facilitated 67% of total volumes this year, i.e., over $9.5 trillion, according to The Block Research.
Both centralized and decentralized exchanges saw a huge growth in their trading volumes this year. As The Block reported yesterday, decentralized exchanges saw more than $1 trillion in trading volumes in 2021, representing enormous 858% growth compared to their 2020 trading volumes.