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Whether Binance is able to maintain its market share as a cryptocurrency exchange will determine the direction of Zhao’s fortune. Binance facilitated 32% of spot trades and 50% of derivatives trades in October, according to a report from CCData – though its share in spot markets has declined for eight consecutive months, per the report.

CME has become the second largest futures exchange, with only Binance taking a larger market share. Crypto derivatives trading continues to dominate the market with an almost 80% share versus spot trading as of September, according to data from CCData.

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Despite a falling market share this year, Binance has long dominated crypto. Last month it controlled around a third of crypto spot and half of derivatives trading, according to CCData. Its status has for years left investors wary of risks to the wider market from a string of regulatory and legal headaches facing Binance.

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Binance, which exploded onto the crypto scene in 2017 and almost immediately took on and surpassed larger rivals, saw its market share surge to more than 60% worldwide after the fall of FTX in November 2022. Since then, its combined market share for spot crypto and derivatives has declined to less than 44% this month, according to researcher CCData.

Binance, which exploded onto the crypto scene in 2017 and almost immediately took on and surpassed larger rivals, saw its market share surge to more than 60% worldwide after the fall of FTX in November 2022. Since then, its combined market share for spot crypto and derivatives has declined to less than 44% this month, according to researcher CCData.

Interest in the market can still be gauged by measuring the largest trading pairs between the world’s sovereign currencies and largest stablecoins. If, for example, one of the top fiat trading pairs for Tether — the world’s largest dollar-pegged token — is the Singaporean dollar, it would be fair to deduce that traders from the city state represent one of the stablecoin’s most popular markets.

But, according to numbers provided by industry data platform CCData, the top five trading pairs for Tether’s USDT token are the US dollar and the euro, followed by the Turkish lira, Thai baht and the British pound.

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The market share of exchanges based in South Korea rose to 12.9% in November, compared with 5.2% in January, according to data compiled by CCData. The rise in market share comes while overall trading volume rose in October and November.

“South Korean exchanges have played a part in the recent uptick in trading activity on centralized exchanges,” said Jamie Sly, communications manager at CCData, who added that South Korea-based exchange Upbit accounts for the majority of the volume in the East Asian country.

Circle has started talking to advisers as it considers an IPO that could take place early next year, Bloomberg News reported Nov. 7. The company said at the time it doesn’t “comment on rumors.”

As Allaire likely hones his pitch to investors, USDC’s share of the $126 billion stablecoin market has tumbled to less than 19%, according to researcher CCData. That’s far below where it stood when Goldman Sachs Group Inc.-backed Circle called off its attempt to go public last December at a proposed valuation of around $9 billion.

Combined trading volumes on all centralized exchanges, a category that includes FTX when it was still operational, are up 53% from September to $2.57 trillion in October, according to data from crypto analytics firm CCData. Spot trading volumes, especially, are way up, jumping to $632 billion in October, an 87% increase from the month prior. This is the largest month-over-month increase for spot trading volumes on centralized exchanges since January 2021, per CCData.

CCData reported on Wednesday that October saw spot trading volumes on centralized exchanges increase for the first time in four months. The digital asset market insight provider put the total trading volume for the month at $632 billion, an increase of 87.2% on September.