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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