Despite being noted as one of the leading countries for crypto adoption, the Philippines is not included in the list of nations with the highest crypto trading volumes, according to a recent study by CryptoNinjas and Storible.
The research identified key players in crypto trading across centralized (CEX) and decentralized (DEX) exchanges, highlighting the dominance of the United States, Europe, and Asia.
Top 10 Countries Trading the Most on CEXs and DEXs
The study highlighted that cryptocurrency trading surged worldwide, with trillions of dollars flowing through centralized and decentralized exchanges.
The report noted that while the U.S. leads in crypto trading, countries such as Turkey, India, and South Korea are catching up due to inflation, tech growth, and changing financial trends.
Top Countries on CEXs and DEXs
Key Takeaways
- All 10 countries in the study are highly active in both CEX and DEX trading, showing consistent market engagement across platforms.
- CEX trading volumes are higher in all cases, but DEXs are catching up, especially in countries with economic instability, such as Turkey, Pakistan, and Ukraine, or heavy regulations, like India and Russia.
- While the U.S. leads both markets, the report noted that regulatory uncertainty may push more traders toward DEXs over time.
- Vietnam and South Korea have strong web3 gaming ecosystems, contributing to significant DEX trading activity.
- Russia, Pakistan, and Ukraine rely more on DEXs for financial sovereignty and cross-border transactions.
- Gaming, remittances, and inflation hedging are major drivers of crypto adoption across Asia and developing nations.
Asia’s Leading Role in Crypto Trading
Asia accounts for 27.11% of global crypto trading, with Turkey, India, and South Korea driving the highest volumes. Turkey leads the region, with more than $1.5 trillion traded in 2024, while Singapore has the highest per-capita crypto spending, averaging $4,981 per month per trader.
According to the report, the key factors fueling this dominance include inflation, currency devaluation, and a tech-savvy population. Turkey and Pakistan turn to crypto as a hedge against economic instability, while South Korea and Vietnam’s strong gaming and DeFi ecosystems contribute to rising trading volumes.
Study Methodology
CryptoNinjas and Storible’s study examined the top crypto-trading countries in 2025 by analyzing data from both centralized and decentralized exchanges. Only reliable CEXs with a trust score above six were considered, using web traffic, peak trading times, supported languages, and headquarters locations to estimate country-specific trading volumes. For DEXs, platforms with high trading activity were analyzed based on web traffic, search trends, and language support.
Additional factors such as population, cost of living, and income levels provided insights into crypto adoption.
PH Crypto Adoption
According to the latest Chainalysis report, the Philippines’ crypto adoption ranking fell to eighth place in 2024, continuing its decline from second in 2022 and sixth in 2023, highlighting a slowdown in growth compared to other emerging markets.
The report noted that while the country remains a key player in the Central & Southern Asia and Oceania (CSAO) region, strong participation in centralized services and retail crypto usage has not been enough to maintain its previous momentum.
The decline is partly attributed to factors such as the global bear market, the collapse of FTX, and reduced crypto inflows. Despite this, DeFi remains an essential part of the local ecosystem, and the country continues to show high engagement in both institutional and retail crypto transactions.
Nonetheless: While the Philippines is recognized as a leading country for crypto adoption, it did not rank among the top nations for crypto trading volume in the latest study by CryptoNinjas and Storible.
- This distinction arises because adoption rankings, such as those from Chainalysis, consider a broader range of factors, including peer-to-peer (P2P) usage, DeFi engagement, and overall accessibility.
- In contrast, the CryptoNinjas and Storible study focuses specifically on transaction volumes across centralized and decentralized exchanges.
- As a result, while the Philippines remains an active participant in the global crypto ecosystem, its trading volume does not place it among the highest-ranking countries in direct exchange activity.
Worth reading: In 2021, the Philippines secured the fifth spot in peer-to-peer exchange trade volume, as reported by Chainalysis’ Global Crypto Adoption Index, which evaluates cryptocurrency adoption based on transaction volumes.
This article is published on BitPinas: Top 10 Crypto Trading Countries: PH Absent from the List
What else is happening in Crypto Philippines and beyond?
