Centralized crypto exchanges saw over $14 trillion in trading volume this year

Centralized crypto exchanges, which hold customers' private keys unlike decentralized exchanges, reported more than $14 trillion in trading volume in the year 2021, according to The Block Research.

That figure is a massive 689% increase compared to 2020 trading volumes, based on data as of December 24. Last year, centralized crypto exchanges facilitated over $1.8 trillion in trading volumes.

All these numbers are from The Block's Legitimate Index, which takes volume data from the largest exchanges that are known to be reporting volumes more accurately.

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Binance continues to dominate the centralized crypto exchange market. It facilitated 67% of total volumes this year, i.e., over $9.5 trillion, according to The Block Research.

Both centralized and decentralized exchanges saw a huge growth in their trading volumes this year. As The Block reported yesterday, decentralized exchanges saw more than $1 trillion in trading volumes in 2021, representing enormous 858% growth compared to their 2020 trading volumes.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.