The South Korean cryptocurrency exchange Upbit overtook both Coinbase and OKX in terms of spot trading volume for the first time, according to data published on Aug. 3 from CCData.
Spot trading volume on Upbit rose in the month of July by 42.3% up to $29.8 billion. Coinbase and OKX on the other hand, saw their own volumes fall by 11.6% and 5.75%, bringing them in at $28.6 billion and $29.0 billion respectively.
This latest shift in the market now places Upbit after Binance as the second-largest exchange by trading volume, according to the report.
Binance has been holding on to its market share as the largest platform for spot trading in crypto with volumes of $208 billion. While it still remains on top, the exchange’s market share has dropped for the fifth month in a row.
It’s now at 40.4% it’s lowest since a year prior in August 2022. Previously the exchange controlled over half of the market share, with some numbers coming in at around 57.5%.
The report also revealed that despite the uptick in some exchanges’ volume individually, centralized exchanges (CEX) recorded the second-lowest trade volumes since 2021.
After the fall of FTX in November 2022, users began to turn to CEXs like Binance, or decentralized exchanges (DEX) for trades.
However, since then, multiple CEXs, including two of the most popular Binance and Coinbase, have been involved in major lawsuits with regulators. This has, in turn, caused trading volume on DEXs to skyrocket by 444% by June.