Coinbase dominates US market with over 75% market share


CoinDesk Consensus

According to a recent report by CoinGecko, Coinbase has become the most dominant centralized crypto exchange (CEX) in the US, with 76.2% of the country’s total market share.

Binance.US and follow Coinbase as the second and third most dominant CEX, CoinGecko data. clearly.

US Top 5

The data shown in the report starts in March 2022 and reveals that Coinbase has dominated the major CEXes in the US since then.

Over the past 12 months, Coinbase’s lowest share of the market was in April 2022 at 74%. On the other hand, the highest was 78.1% in August 2022.

Top 5 US CEX (Source: CoinGecko)
Top 5 US CEX (Source: CoinGecko)

Binance.US follows Coinbase as the second most dominant CEX in the US market. However, the exchange only accounted for his 8.3% of its overall market share in March, which reflects some growth.

Binance.US increased its market share by around 6% in March, April and May 2022, surpassing 7% in July 2022. The market is above 8%, barring a brief fallback recorded in January.

Meanwhile, ranks as the third most dominant CEX in the US market. However, from his recorded 8.8% in March 2022, the exchange’s dominance in March has shrunk to his 6%.

Kraken and Gemini also placed in the top five largest CEXes of the last 12 months by sharing the remaining 10% market share almost evenly.

coin base

It is worth noting that the U.S. Securities and Exchange Commission (SEC) issued a Wells Notice to Coinbase on March 22nd. The notice indicated that the SEC had made a preliminary decision recommending enforcement action against Coinbase.

The exchange’s initial reaction was to welcome legal proceedings, indicating its readiness to establish a legal position with the SEC.

While Coinbase garnered support from the crypto community over the warning, the notice said the SEC’s upcoming enforcement could affect some of Coinbase’s main trading platforms, Coinbase Prime and Coinbase Wallet. indicates high. This could affect Coinbase’s market share within the United States.

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