Binance Controlled 92% of Bitcoin Spot Trading Volume at End of 2022: Arcane Research

A move during the summer to eliminate bitcoin trading fees and the collapse of rival exchange FTX pushed more investors to the Binance platform.

AccessTimeIconJan 4, 2023 at 8:36 p.m. UTC
Updated Jan 9, 2023 at 9:41 p.m. UTC

Binance’s market share of bitcoin (BTC) trading volume rose to 92% by the end of 2022, according to Arcane Research.

The exchange’s market share was just 45% at the start of last year, but the elimination of trading fees in June, not to mention the collapse of rival FTX in November, served to push users to Binance. which is the world's largest crypto exchange by trading volume.

“No matter how you look at it in terms of trading activity, Binance is the crypto market,” Arcane wrote. “After lifting trading fees for its BTC spot pairs this summer, Binance completely overtook all market share in the spot market.”

Binance's market share in various cryptocurrencies and crypto products (Source: Arcane Research)
Binance's market share in various cryptocurrencies and crypto products (Source: Arcane Research)

A report from CryptoCompare showed Binance’s overall year-end crypto market share was 66.7%. Coinbase (COIN) came in second with a relatively tiny 8.2%.

“Retail crypto could enter a dark age that takes forever to exit” should Binance fail, Edward Moya, a senior analyst at foreign-exchange trading firm Oanda, said. “Binance is too big … It is not healthy to have so much of the trading volume concentrated with any one exchange.”

Chatter about the solvency of Binance increased significantly after the collapse of FTX, and the exchange did suffer some outflows for a short period, though its business has stabilized since. A market share this high could become problematic for the industry if Binance were to encounter any issues, whether regulatory or mistrust from users.

The U.S. Justice Department is investigating whether Binance complied with anti-money-laundering laws and sanctions. Last month, the exchange lost its auditor, Mazars Group, which announced a pause in its work with crypto exchanges looking to produce a proof of reserves.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Helene Braun

Helene is a New York-based news reporter at CoinDesk, currently covering the criminal trial of infamous crypto mogul Sam Bankman-Fried. Helene is a recent graduate of New York University's business and economic reporting program and has appeared on CBS News and Nasdaq TradeTalks. She holds BTC and ETH.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.