OKX’s number of active users is approaching Binance: Is the throne still strong?

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Cryptocurrency exchange OKX’s active user data is said to be close to the world’s largest cryptocurrency exchange, Binance.

The report shows that Binance still accounts for more than half (51.2%) of CEX’s cryptocurrency trading volume. OKX, Bybit, Bitget, and MEXC are the exchanges with the second largest market share on this list.

Accurately counting active users is not easy

The report focuses on exchanges that offer derivatives products. Therefore, it did not include some exchanges in the analysis.

Due to the lack of derivatives products, we exclude Coinbase, Upbit, and other major exchanges from some charts discussing derivatives trading.

However, it noted that Coinbase has a relatively low number of active addresses. This increases the possibility that a large number of registered users may no longer use their accounts.

Coinbase has a large number of deposit addresses, but the number of active addresses is relatively small. This indicates that many historical addresses are no longer in use.

CEX exchange active address market share. Source: 0xScope.

The report states that Binance competes not only with traditional rivals such as OKX and Coinbase, but also with new players such as Upbit, which has gained 15% of the market share in the past three months due to the growing Korean market.

Meanwhile, OKX and Binance have similar levels of activity in terms of deposit addresses. This suggests that the two exchanges may have relatively similar numbers of active users.

Experience the recent increase in trading activity on OKX and HTX

In addition, the statement noted that exchanges such as Bybit, Bitget, and MEXC are also working to further increase trading volume through strategies to list more tokens. A recent report from BeInCrypto showed that Binance’s market share is declining, while that of two Asian exchanges, OKX and HTX (formerly Huobi), is rising.

On May 12, a report showed that Cooperative trading volume increased by approximately 8% and OKX increased by 4%. In contrast, Binance suffered a sharp decline, losing about 18% of its spot trading market share.

Meanwhile, OKX is making strides in expanding into Europe. On May 23, OKX submitted an application to register as a digital asset service provider (DASP) to the French financial regulator.

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