Top 10 Crypto Exchanges' Spot Trading Volume Drops 25.25% in May 2023
Fazzaco compiled the spot trading volume data of the top 10 crypto exchanges since May 2023. The data shows that the overall downtrend in the crypto market since April this year is still continuing, with all 10 exchanges experiencing varying degrees of decline in their spot trading volume, but at a smaller rate than last month. The specific data are as follows:
The world's largest cryptocurrency exchange Binance had a spot trading volume of $218.09B in May, down 23.91% month-on-month from $286.61B in April 2023. Although it still holds the absolute market share, Binance has reached its lowest trading volume in recent years.
In early June, the U.S. SEC accused Binance of violating multiple securities laws.
OKX had a spot trading volume of $29.75B in May, down 17.27% month-on-month from $35.96B in April 2023. However, OKX’s trading volume surpassed Upbit, ranking second among the top 10 exchanges.
In May, Fazzaco learned that OKX applied in France to register with the Autorité des Marchés Financiers (AMF), the country’s financial market regulator, to provide regulated digital asset services in the country.
Upbit is one of the largest crypto exchanges in South Korea. In May, its spot trading volume was $27.31B, down 53.96% month-on-month from $59.32B in April 2023. Upbit was also the platform with the largest decline among the 10 exchanges surveyed.
Coinbase, the leading U.S. exchange, had a spot trading volume of $26.87B in May, down 29.45% month-on-month from $34.83B in April 2023.
Coinbase was also sued by the SEC in early June for allegedly operating illegally without registering with the regulator first.
Gate.io, a crypto exchange that was first established in China in 2013 and later moved to the Cayman Islands, had a spot trading volume of $18.07B in May, down 38.12% month-on-month from $29.2B in March 2023.
Bybit, a crypto exchange based in Dubai, UAE, had a spot trading volume of $17.97B in May, down 7.80% month-on-month from $19.49B in April 2023. Bybit was also the platform with the smallest decline among the top 10 exchanges.
Kucoin, an offshore-regulated crypto exchange, had a spot trading volume of $14.12B in May, down 30.13% month-on-month from $20.21B in April 2023.
Huobi had a spot trading volume of $13.88B in May, down 8.38% month-on-month from $15.15B in April 2023.
In May, Fazzaco learned that Huobi’s Hong Kong subsidiary Huobi HK applied for a virtual asset exchange license to offer crypto spot trading to retail and institutional customers in Hong Kong.
Kraken had a spot trading volume of $13.79B in May, down 13.60% month-on-month from $15.96B in April 2023.
Bithumb, another South Korean cryptocurrency exchange along with Upbit, had a spot trading volume of $4.84B in May, down 36.48% month-on-month from $7.62B in April 2023.
The above data shows that May 2023 was another sluggish month for the crypto spot trading market, with the top 10 exchanges' trading volume continuing to slide. In terms of overall market activity, May was also the least active month since October 2020, far behind the monthly turnover of May 2022 and May 2021.
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