The crypto exchange OKX is reportedly approaching similar levels of active users as the world’s largest crypto exchange, Binance.

“Binance still accounts for over half (51.2%) of crypto trading volumes among CEXs. OKX, Bybit, Bitget, and MEXC make up the second tier of exchanges with major market share,” the report stated.

Accurately Stating Active User Numbers Is a Challenge

The report predominantly looks at exchanges that offer derivative products, so it doesn’t include several exchanges in the analysis.

“We excluded Coinbase, Upbit, and other major exchanges from certain charts that discuss derivatives trading, due to these exchanges’ lack of derivatives products.”

However, it notes that the active address count for Coinbase is relatively low, raising the possibility that a significant number of registered users may no longer be utilizing their accounts.

“Coinbase has a large number of deposit addresses, but its active address count is relatively low, indicating that many historical deposit addresses are no longer being used.”

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Author: Ciaran Lyons

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