The crypto exchange OKX is reportedly approaching similar levels of active users as the world’s largest crypto exchange, Binance.
“Binance still accounts for over half (51.2%) of crypto trading volumes among CEXs. OKX, Bybit, Bitget, and MEXC make up the second tier of exchanges with major market share,” the report stated.
Accurately Stating Active User Numbers Is a Challenge
The report predominantly looks at exchanges that offer derivative products, so it doesn’t include several exchanges in the analysis.
“We excluded Coinbase, Upbit, and other major exchanges from certain charts that discuss derivatives trading, due to these exchanges’ lack of derivatives products.”
Learn more: Binance Review 2023: Is It the Right Crypto Exchange for You?
However, it notes that the active address count for Coinbase is relatively low, raising the possibility that a significant number of registered users may no longer be utilizing their accounts.
“Coinbase has a large number of deposit addresses, but its active address count is relatively low, indicating that many historical deposit addresses are no longer being used.”
According to the report, Binance not only competes with traditional rivals like OKX and Coinbase but also with newer ones like Upbit, which has gained a 15% market share in the last three months due to the growing South Korean market.
Moreover, it suggested that their comparable size might result in a similar daily user count on the screen.
“Meanwhile, OKX and Binance have similar levels of activity in terms of deposit addresses, suggesting that the two exchanges may have a relatively similar number of active users,” it further noted.
OKX and Huobi Experience Growing Trading Activity in Recent Times
Moreover, the statement notes that exchanges like Bybit, Bitget, and MEXC are also taking some of the trading volume with their strategies to list more assets.
A recent BeInCrypto report reveals that Binance’s market share has been decreasing, with OKX and Huobi, two Asian exchanges, gaining ground.
On May 12, a report unveiled that Huobi had increased its volume by approximately 8%, while OKX saw a 4% uptick. In contrast, Binance experienced a significant decline, losing about 18% of its spot trading market share.
Meanwhile, OKX is making strides in expanding into Europe, including recent regulatory applications. On May 23, OKX submitted an application to the French financial regulator, seeking registration as a Digital Asset Service Provider (DASP).
Learn more: Top 7 Crypto Exchanges With the Lowest Spreads in 2023
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