Most people think @coinbase is top-2 or top-3 by volume. It's actually #8. Here are the 2025 CEX industry leaders: - @binance - 39.2% - @Bybit_Official - 8.1% - @MEXC_Official - 7.8% - @coinbase - 6.1% Binance kept its dominance with 39.2% market share, despite the -0.5% drop in volume from 2024. MEXC was the fastest-growing exchange in 2025, with a +90.9% increase from 2024 – this is mainly due to their zero-fee policy that attracts traders and retail users. Bybit slowly recovered its dominance since the 2025 February hack to finish #2 with $1.5 trillion in annual volume. Their market share fell to 8.1% in March, but climbed back steadily through year-end. Most exchanges (6 out of 10) grew volume in 2025, pushing the combined top 10 volume up 7.8% from 2024. Felt the need to share this, as Coinbase's brand perception doesn't match its actual market position