Which exchange is the largest by trading volume as of 2025?

Binance is the largest cryptocurrency exchange by trading volume as of 2025.

Founded in 2017 by Changpeng Zhao, Binance grew rapidly by offering a broad range of digital-asset markets, high liquidity, and spot and derivatives trading. Its global customer base and deep order books have helped it remain a leading venue for buying and selling cryptocurrencies.

“Largest” can mean different things in crypto rankings. Some lists measure spot trading only, while others include futures, perpetual contracts, or all reported exchange activity. Rankings can also change daily because trading volumes rise sharply during market rallies or market stress. Even with those differences, 2025 market comparisons consistently placed Binance at or near the top.

Binance is not the same company as Binance.US, a separately operated platform focused on the United States. Traders should also distinguish reported volume from verified volume, since exchange data can vary in reliability and methodology.