CoinGecko’s recent studies reveal that Coinbase is now the most dominant centralized crypto exchange (CEX) in the United States, controlling 76.2% of the country’s entire market share.
According to the data, Binance.US and Crypto.com are the second and third most dominating CEXs in the territory, trailing behind Coinbase. However, this dominance was down by 0.6% from the previous month due to competitors Binance.US and Kraken regaining market share, but it still marks a 0.7% rise from a year ago.
Through March, April, and May 2022, Binance.US’s market share increased from about 6% to over 7% by July 2022. Apart from a temporary slump in January, Binance.US steadily increased its domination in the U.S. market to over 8% during the second half of 2022 and the beginning of 2023.
Crypto.com loses ground in the US market
Using data from web traffic, CoinGecko indicates that the Singapore-based Crypto.com cryptocurrency exchange holds a 6.0% market share in March 2023. This reflected a 2.8% general decline from last year and a 0.2% fall from the previous month.
“Crypto.com has lost ground in the US market, despite being the only one among the top 5 US crypto exchanges that [have] not faced SEC or CFTC regulatory actions yet.”
In August 2022, Crypto.com’s US market share fell to a 13-month low of 4.9% before rebounding to 6.1% the following month.
Gemini and Kraken among the top 5 US CEXs
Kraken and Gemini were also among the leading five biggest CEXs in the previous 12 months, roughly equally dividing the rest 10% market share.
Kraken is the fourth largest trading platform in the United States, with a 5.4% market share based on online traffic as of March 2023. The exchange increased its market share by 2.1% year on year. This occurred at the same time that Kraken paid $30 million and shut down its crypto-staking business to resolve SEC allegations.
Gemini is the fifth largest crypto exchange in the United States, with a 4.1% market dominance based on web traffic as of March 2023. This is down 1.7% from a year ago and down 0.1% from the previous month.
Coinbase remains strong despite recent regulatory action
It is important to note that the Coinbase cryptocurrency exchange continues to hold the majority of the American market, despite the US Securities and Exchange Commission (SEC) sending the business a Wells notice on March 22, 2023.