The crypto exchange OKX is gaining traction and approaching the level of active users seen on Binance, the world’s largest crypto exchange.
A recent report highlighted that while Binance still dominates in terms of trading volumes, OKX, Bybit, Bitget, and MEXC are emerging as significant players in the market.
Accurately measuring active user numbers is a challenge
The report focuses on exchanges that offer derivative products and excludes platforms like Coinbase and Upbit due to their lack of derivatives options.
However, it raises concerns about the low active address count for Coinbase, suggesting that many registered users may no longer be actively using their accounts.
It is noted that Binance faces competition not only from traditional rivals like OKX and Coinbase but also from newer exchanges like Upbit, which has gained a significant market share in the South Korean market.
The report suggests that OKX and Binance may have a similar number of active users based on their comparable levels of activity in terms of deposit addresses.
OKX and Huobi experience growing trading activity
In recent times, OKX and Huobi have seen an increase in trading activity while Binance’s market share has been decreasing.
Huobi’s volume has increased by approximately 8%, while OKX saw a 4% uptick. On the other hand, Binance experienced a decline of about 18% in its spot trading market share.
OKX is also expanding into Europe and has submitted an application to the French financial regulator to become a registered Digital Asset Service Provider (DASP).
Hot Take: OKX Gains Ground and Challenges Binance’s Dominance
OKX is making significant strides in the crypto market, approaching the level of active users seen on Binance. While Binance remains the leader in terms of trading volumes, OKX, along with other exchanges like Bybit, Bitget, and MEXC, are emerging as strong contenders. The report highlights the challenge of accurately measuring active user numbers, particularly for platforms like Coinbase with a low active address count. As OKX expands into Europe and Huobi gains trading activity, Binance’s market share is declining. This shift indicates a changing landscape in the crypto exchange industry and suggests that OKX may pose a significant challenge to Binance’s dominance in the future.
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