Coinbase, Binance enjoy market share gains after FTX demise

Quick Take

  • Binance accounts for over 87% of the crypto-only exchange market share. 
  • Coinbase’s volume of fiat exchange market share has almost doubled since September. 

Coinbase and Binance have seen a bump in market share following FTX's collapse.

Coinbase's share of the fiat exchange market has nearly doubled, up to 40% from 22.8% in September.

The Block tracks spot market share for cryptocurrency exchanges with fiat support. Only the largest exchanges with trustworthy reporting of exchange volume metrics are included.

Binance's market share for crypto-only exchanges rose to 87% in December from 82.7% in September before the demise of FTX, according to The Block's data.

Disclaimer: Beginning in 2021, Michael McCaffrey, the former CEO and majority owner of The Block, took a series of loans from founder and former FTX and Alameda CEO Sam Bankman-Fried. McCaffrey resigned from the company in December 2022 after failing to disclose those transactions.

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