Binance holds quite the Monopoly.

I was wondering if all CEXs as a whole are currently holding a monopoly over the entire varied crypto market, for multiple reasons:

• They get the most attention in relation to other things like DEXs. Always at the top of general crypto related search results, and very hard to miss anywhere in the crypto space.
• They are the most used forms of wallets. With Coinbase seemingly being the most used as a crypto holding wallet.
• They bring in most of the new adopters, because of the above points.

I went to look at statistics, and for this post I'm referring to stats CoinMarketCap has provided. source.

Note that of course all the info is as of the date of writing this post.

What if took for them were a couple of interesting factors, to see if CEXs as a whole are a monopoly:

• According to the source, there are 228 current CEXs
• about 75 of them have a trading volume under one million dollars (with many at 0 dollars)

But what I then found to be the MOST interesting factor, is the sheer volume of Binance compared to all others. It was the monopoly of the monopoly. With their current numbers, they seem unsurpassable unless they face some big issue. They are like the Google of crypto CEXs.

Take the following info with a grain of salt. I'm not sure about the credibility of the stats that CoinMarketCap provides, and they can vary from one CEX to another as per their scores in that source.

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• Binance has the biggest trading volume at over 3.26 BILLION dollars. Only four other CEXs have surpassed the ONE billion dollar mark, with the highest of them at 1.7 billion dollars. That is a difference of about approximately 47%.
• Binance has over 10.29 MILLION weekly visiting users. Only 22 out of 227 other CEXs surpass the ONE million weekly visiting users, and the highest at about HALF of Binance's number, at 5.2 million.

Was this a surprise? Not really, Binance has always been the big name, the most known, and seemingly especially among people who are not even adopters of crypto yet.

Whether Binance deserves such numbers is up to subjective debate. One thing for sure though, is that Binance, and after it the CEX market in general holds quite the monopoly, and it would be good to either see more competition in that space, that actually gets attention through being innovative. Better yet, we should see improvements in the ease of use of other types of exchanges, like DEXs.

Edit: Also, as many of you are mentioning below, an important factor might be Binance's reach. It seems to find its way to not be blocked in many countries as opposed to other platforms.