In April 2025, the centralized cryptocurrency exchange (CEX) sector underwent significant shifts. Binance, despite retaining its position as the largest CEX, saw an 18% monthly drop in trading volume, falling to $482.6 billion—its first dip below $500 billion since October 2024. Its market share also slipped from 40.1% to 38.0% between March and April.
Meanwhile, Gate.io surged into second place among CEXs, recording a 14.4% monthly growth to $113.7 billion in volume and a 9.0% market share, overtaking Crypto.com. Bitget climbed to third place with 1.7% monthly growth, achieving a 7.2% market share and $92 billion in April trading volume.
Despite overall monthly growth for Gate.io and Bitget, broader CEX sector volumes contracted in Q1 2025, losing $1.1 trillion and with eight of the top ten exchanges posting double-digit declines. Upbit faced the sharpest drop at 34%. The market remains led by Binance, but increased fragmentation and competitive gains by Gate.io and Bitget signal notable shifts in the industry landscape.
