Binance captured 38.7% of CEX spot volume in Q2 as volumes fell 27.9%. Bybit overtook MEXC for second. MEXC's new compliance chief signals a regulatory push.
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Binance widened its lead over rival centralized exchanges in the second quarter of 2026. The exchange captured 38.7% of spot trading volume despite an overall decline in market activity, according to a CoinGecko report.
Spot trading volumes across the top 10 exchanges fell 27.9% quarter-over-quarter to $1.95 trillion, down from $2.70 trillion in Q1. Monthly volume dipped to $619 billion in May before rebounding to $695 billion in June.
Bybit displaced MEXC as the second-biggest exchange by spot volume, holding a 10.0% share. MEXC saw a 56% decline, from $275.2 billion to $121.2 billion, dropping the exchange to seventh place.
Separately, on July 22, MEXC announced the appointment of Robert Macdonald as its new Chief Compliance Officer. Macdonald was formerly the Chief Legal and Compliance Officer at Bybit from 2024. At Bybit he oversaw KYC and AML frameworks and directed the exchange's global licensing strategy. He also held senior roles at Standard Chartered and Binance focused on regulatory strategy, compliance transformation, and governance.
Tokenized stocks issued by Binance are growing. Token Terminal data showed Binance-issued tokenized stocks added the most capital over the past month. Through Stove Protocol, tokenized Hong Kong equities went live on the BNB Chain.
Crypto analyst Ali Martinez wrote on X that centralized exchanges and traditional finance systems were converging. CEXes were expanding into equities and tokenized funds, while TradFi gradually adopted blockchain technology. Real-world assets were increasingly traded on-chain, and CEXes were becoming more than just trading venues for digital assets.
The CoinGecko report noted that the volume decline coincided with bear market conditions. Binance's market share gain came during a period when total activity contracted.
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