In Q3 2025, centralized exchange (CEX) spot trading surged by 30.6%, reaching $4.7 trillion. The jump marks a recovery from a two-quarter slump and is primarily driven by Bitcoin’s price rally, which saw the cryptocurrency climb above $123,000. Institutional involvement increased as regulatory clarity in key markets contributed to a renewed interest in spot trading.
The rise in trading volumes reflects a broader rebound in the cryptocurrency market, where spot trading now appears to be outpacing derivatives. Stablecoin pairs also contributed to the growth, representing over 60% of all spot transactions, offering stability and liquidity even in volatile market conditions.
Binance Continues to Lead the Spot Market
Binance continued to dominate the global spot trading market during Q3 2025, securing a 43% share. Despite regulatory scrutiny in South Korea, Binance maintained its position at the top of the leaderboard. The exchange also held a significant portion of the derivatives market, with a 31.3% share.
NEW: Crypto spot trading on CEXs jumped 31% in Q3.
— Cointelegraph (@Cointelegraph) October 24, 2025
Bull comeback incoming? pic.twitter.com/CTrxWD0Y3g
However, Binance is facing challenges, particularly in South Korea, where the exchange is under investigation regarding frozen GOPAX GoFi user assets. South Korean lawmakers have set compensation for these assets as a condition for approving Binance’s 2023 acquisition. These ongoing issues highlight the regulatory hurdles Binance continues to navigate as it expands globally.
LBank and Emerging Competitors Gain Ground
LBank emerged as a notable competitor in Q3, with $4.23 billion in daily spot trading and a 4% global market share. The exchange’s growth is attributed to its strategic push into new asset classes and partnerships with security firms like CertiK. LBank’s success shows how new players are carving out their space in the competitive CEX market.
While Binance continues to lead, LBank’s rise signals that smaller exchanges are finding ways to capture market share. These emerging competitors are benefiting from the increasing institutional investment in crypto and the evolving regulatory landscape. This trend is expected to continue, with more exchanges vying for dominance in the CEX space.