<p>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.</p> <p>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.</p> <p>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.</p> <p><iframe frameborder="0" height="420" src="https://embed.theblockcrypto.com/data/crypto-markets/spot/cryptocurrency-exchange-volume-monthly/embed" title="Cryptocurrency Exchange Volume (The Block Legitimate Index)" width="100%"></iframe></p> <p><a href="https://www.theblockcrypto.com/data/crypto-markets/spot/crypto-only-exchange-market-share">Binance continues to dominate</a> the centralized crypto exchange market. It facilitated 67% of total volumes this year, i.e., over $9.5 trillion, according to The Block Research.</p> <p>Both centralized and decentralized exchanges saw a huge growth in their trading volumes this year. As The Block reported yesterday, <a href="https://www.theblockcrypto.com/linked/128500/decentralized-exchanges-saw-over-1-trillion-in-trading-volume-this-year">decentralized exchanges saw more than $1 trillion</a> in trading volumes in 2021, representing enormous 858% growth compared to their 2020 trading volumes.</p>