Winners and Losers of FTX Collapse: Binance Gains, OKX Loses

2022 was a challenging year for the crypto exchanges, as trading volume slumped and crypto prices drowned in the aftermath of crypto winter. Although the FTX collapse shook the market even further, it also helped some leading crypto exchanges to increase their market share. Others were less fortunate.

According to data presented by Crypto Presales, Binance’s market share increased by 7% in 2022, while OKX saw its share drop by 3.9% year-over-year. Here is the list of other winners and losers of the FTX collapse.

Binance and MEXC Global the Only Winners in 2022

Although most of the leading crypto exchanges have befitted from the crash of the world’s second-largest crypto exchange, FTX, only two managed to increase their market share last year.

According to CoinGecko and Statista data, Binance not only regained some of the trade volume market share it had lost between September and October but managed to increase its market share by an impressive 7% in 2022. In January, the world’s largest crypto exchange had a 15.5% share of the market. In December, this figure jumped to 22.5%

Also, its annual trading volume was almost six times higher than the second-ranked OKX and 14 times more than some other leading crypto exchanges. Its market leader position allowed Binance to be one of the first companies offering to bail out FTX. Still, the deal fell through as quickly as it was announced due to corporate due diligence, mishandling of customer funds, and alleged US agency investigations.

MEXC Global has seen the second-largest market share increase last year. In January, the market share of the Seychelles-based crypto exchange stood at 0.8%. By September, this figure jumped to 2.3%. However, after the FTX crash, MEXC Global grew even further and hit a 3.4% market share, showing a 2.6% increase in a year.

OKX and Crypto.com Saw the Biggest Market Share Drops

The CoinGecko data show OKX and Crypto.com were on the other side of the list when analyzing market share movement. Not only their market share dropped, but the two platforms suffered the biggest loss of all leading crypto exchanges.

OKX market share fell by 3.9% in 2022, from 5.6% in January to 1.7% in December. After FTX’s crash, Crypto.com saw its market share increase by 0.1% to 0.4% in December. Still, that was far below the 2.6% seen in January.

Kucoin, as the third-biggest loser in the crypto exchange landscape, also continued losing its market share despite the FTX collapse. In December, the market share of the crypto trading platform stood at only 0.8%, down from 2.5% at the beginning of 2022.

By Jeff Reed

Jeff is a renowned cryptocurrency expert and thought leader with over a decade of experience in the field. As a pioneer in blockchain technology and digital currencies, Jeff has been instrumental in shaping the crypto landscape. His deep understanding of market dynamics, regulatory frameworks, and technological advancements positions him as a trusted authority in the crypto community. Jeff's insights are regularly featured in leading financial publications, and he is a sought-after speaker at global tech and finance conferences. His commitment to sharing knowledge and promoting innovation in the crypto space reflects his dedication to both expertise and trustworthiness.