CEX Market Share July 2025: Binance Holds 40% as MEXC Surges, Coinbase Slides

Binance continued its reign as the top centralized crypto exchange (CEX) in July, capturing a 39.8% market share. According to the latest data from CoinGecko, the platform handled $698.3 billion in spot trading volume for the month, a massive 61.4% jump from June as Bitcoin’s rally drove market-wide activity.

How have things changed:

Following the leader, MEXC ranked second with an 8.6% market share ($150.4B in volume), while Gate.io placed third, capturing 7.8% of the market ($137.2B). The rest of the top 10, including Bitget, Bybit, and OKX, each held market shares between 5% and 7%.

In fact, seven of the top 10 exchanges saw their volumes decline quarter-over-quarter, with Crypto.com seeing the steepest drop of 61.4%. The big winner of the quarter was MEXC, which surged from eighth place in Q1 to second place in Q2.

Meanwhile, Coinbase fell to ninth place in the July 2025 rankings, with just a 5.8% share of the market. While its monthly volume saw a healthy 82.6% increase from June, the exchange has steadily lost market share since January, when it held 7.0%.

In Q2 2025, Binance held a 38.0% share of the top 10 exchanges’ combined $3.8 trillion trading volume, down from $2.0 trillion in Q1 to $1.47 trillion. Seven of the top 10 exchanges saw quarterly declines, with recording the steepest drop of 61.4%, falling from $560.2 billion in Q1 to $216.4 billion in Q2.

MEXC a surge, moving from eighth place in Q1 to second place in Q2. The exchange reported $346.2 billion in Q2, slightly up from $334.0 billion in Q1.

This data shows that while Binance remains the undisputed king, the battle for the remaining 60% of the market is more competitive than ever, with players like OKX and Bybit consistently gaining ground during high-volume months.

But why are they on top?