FTX passes Coinbase as the Largest Crypto Exchange


  • FTX captured its largest share of fiat exchange volumes in May 2022 with 26.66% of the total $335.3B.
  • The exchange has no intention of stopping anytime soon either, as CEO Sam Bankman-Fried recently told Bloomberg the exchange was ready to spend billions on acquisitions to expand the range of services to its customers.
  • The $89.41B was the second highest monthly volume for the exchange, surpassed only in November 2021 when the exchange did $92.51B.
  • In the process, it overtook Coinbase as the largest fiat exchange by volume for the first time, who did $79.68B and captured 23.76% in May. In addition to a lackluster Q1 for Coinbase, they recently had to extend its hiring freeze and rescind some previously accepted job offers.
  • Overall, FTX only trailed Binance in terms of volume; Binance did $532.11B in volume for May 2022, which was 70.6% of all crypto-only exchange volumes.