In its latest April 2025 report, CoinGecko has unveiled the shifting dynamics of the centralized exchange (CEX) landscape, revealing a mix of dominance and disruption. While Binance continues to lead with a commanding 38% market share, a significant spotlight now shines on Gate.io, which has secured the second position after a notable rise in trading volume.
Binance Holds the Crown, But Volume Declines
According to CoinGecko data published on May 6, 2025, Binance maintained its dominant position in the spot trading arena. However, despite its leadership, the exchange experienced a notable monthly drop in volume—falling by 18% from $588.7 billion in March to $482.6 billion in April. This dip suggests that while Binance’s presence remains unshaken, competitive pressures are mounting.
Gate.io Emerges as April’s Surprise Contender
The standout performer in April was undoubtedly Gate.io, which climbed to second place with a 9% market share and a trading volume of $113.7 billion. This marks a 14.4% increase compared to March, signaling a strong reversal of its downward trend earlier in the year. The platform’s resurgence also pushed Crypto.com out of the top spots, confirming Gate.io’s growing relevance in the global exchange ecosystem.
Close Contest Among Mid-Tier Leaders
Trailing closely behind are Bitget (7.2%), MEXC (7.1%), and OKX (7.1%), all fighting for a larger piece of the market. U.S.-based Coinbase retained 6.9%, followed by Bybit (6.7%), Upbit (6.4%), and a declining Crypto.com (6.2%). HTX rounded out the top ten with 5.4%, continuing to hold its position in a highly competitive segment.
In total, the top 10 centralized exchanges accounted for $1.3 trillion in trading volume during April, with the remainder of the market sharing a 45.8% dominance. The narrow spread between second and tenth place—ranging from just 5% to 9%—highlights how fragile and highly contested the mid-tier CEX battleground remains.
Q1 Review: A Cautious Start to 2025
CoinGecko’s analysis also paints a more sobering picture of Q1 2025. Despite April’s mixed results, the year began with a marked decline across nearly all major exchanges. Nine out of the top ten platforms recorded volume losses, and eight saw declines exceeding 10%.
The steepest drop came from Upbit, which fell by 34%, with trading volume plunging from $561.9 billion in Q4 2024 to $371 billion in Q1 2025. Collectively, the spot market volume of the top 10 exchanges shrank by $1.1 trillion, a 16.3% drop, reaching $5.4 trillion for the quarter.
Conclusion: Market Volatility Favors Agile Players
The April report underscores a rapidly evolving CEX market. While Binance remains dominant, its declining volume, paired with the sharp rise of competitors like Gate.io, signals a redistribution of influence. Turkish NY Radio continues to monitor these trends as centralized exchanges strive to balance regulatory pressures, liquidity strategies, and user acquisition.
As the race tightens, agility and innovation—not just scale—will define who leads the next phase of global crypto trading.
