Binance, the leading centralized cryptocurrency exchange (CEX), has seen its market share decline from 52.5% in October 2023 to 39.54% by October 2024, amid regulatory challenges and increased competition . This shift has opened opportunities for emerging exchanges like Gate.io and Bitget. Gate.io has risen to become the third-largest exchange by trading volume, with a 7.7% market share and $74.6 billion in trading volume as of June 2024 . Bitget has also gained traction, ranking as the third most downloaded CEX app globally in October 2024, with 1.92 million downloads . These developments indicate a dynamic shift in the CEX landscape, with newer platforms challenging established leaders.