Binance captures 38.7% of CEX spot volume as Bybit overtakes MEXC

Binance widened its lead over rival centralized exchanges in the second quarter of 2026. It captured 38.7% of spot trading volume despite an overall decline in market activity, according to CoinGecko.

The report showed that while spot trading volumes across the top 10 exchanges fell 27.9% quarter-over-quarter, Binance increased its market share as Bybit overtook MEXC to become the second-largest exchange by spot volume.

Separately, on Wednesday, July 22, cryptocurrency exchange MEXC announced the appointment of its new Chief Compliance Officer, Robert Macdonald.

He was formerly the Chief Legal and Compliance Officer at Bybit from 2024.

During his time at Bybit, he oversaw the implementation of know your customer [KYC] and anti-money laundering [AML] frameworks, and also directed the exchange’s global licensing strategy and corporate legal operations.

He has also held senior roles at Standard Chartered and Binance, focused on regulatory strategy, compliance transformation, and governance.

Binance still leads spot trading volume on centralized exchanges

A CoinGecko report in July noted statistics for Q2 2026, and a disappointing 27.9% decrease in trading volume compared to Q1 of the year. The figures were $1.95 trillion and $2.70 trillion, respectively.

This trading volume is the cumulative figure for the top 10 centralized exchanges’ [CEXs] spot volumes. In terms of monthly volume, May saw a dip to $619 billion across these exchanges, before rebounding to $695 billion in June.

The volume decline can be attributed to bear market conditions. Interestingly, Binance extended its lead over other exchanges. It has a 38.7% market share in Q2, while Bybit displaced MEXC as the second-biggest exchange by volume, but had only a 10.0% share.

MEXC saw a 56% decline, from $275.2 billion to $121.2 billion, which saw the exchange tumble to 7th rank.

Major BNB Chain milestones boost Binance’s top dog claim

Tokenized stocks issued by Binance are growing bigger, AMBCrypto reported. Token Terminal data showed that Binance-issued tokenized stocks added the most capital over the past month.

Through Stove Protocol, more tokenized Hong Kong equities went live on the BNB Chain, and this would result in further growth in trading volume.

Crypto analyst Ali Martinez wrote in a post on X that centralized exchanges and TradFi systems were converging. The former were expanding into equities, commodities, and tokenized funds, while the latter were gradually adopting blockchain technology.

Real-world assets were increasingly being traded on-chain, and CEXes were becoming more than just trading venues for digital assets.

Final Summary

• Binance extended its lead as the top centralized exchange by volume from Q1 2026, with a 38.7% share of spot volume in Q2.
• CEXs have advantages, such as 24/7 operation, near-instant settlement times, global distribution, and relatively low execution costs compared to TradFi marketplaces.