CoinGecko stated that research shows Binance is the largest centralized cryptocurrency exchange with a market share of 43.9% as of September 2023. Although Binance's spot trading volume fell to $132.5 billion by the end of Q3 2023, a decrease of 30.3% compared to the previous quarter, it recorded $190 billion in August 2023. This is significantly lower than the annual high of $55.98 billion in March 2023. Upbit is the second largest centralized exchange with a market share of 11.5% in September 2023, with a spot trading volume of $34.8 billion, an increase of 17.7% compared to the previous month of August 2023, which was $29.5 billion.