Regardless of billions flowing via centralised exchanges each day, there stays no constant method to consider their underlying operational high quality. Floor-level metrics dominate, and transparency varies extensively. CoinDesk’s Trade Benchmark report addresses this hole by providing a structured, independently verified framework to evaluate counterparty threat.
The April 2025 version of the Trade Benchmark report is our most complete evaluation so far. It covers 89 exchanges throughout spot and derivatives markets and options refined scoring throughout all eight classes, a extra sturdy regulatory methodology and elevated integration of verified licensing knowledge through VASPnet. That is complemented by larger engagement with due diligence questionnaires (DDQs), enabling extra clear and accountable scoring.
The result’s a clearer distinction between exchanges working at institutional requirements and people nonetheless falling brief on core threat fundamentals.
Why benchmarking stays important
As exchanges scale globally and regulatory scrutiny will increase, significant due diligence stays tough. Self-reported figures, fragmented disclosures and ranging licensing regimes can masks actual vulnerabilities. With out a standardised device, exchanges can seem reliable, whereas missing primary inner controls or regulatory readability.
The Trade Benchmark report is the trade customary for assessing the danger related to digital asset exchanges. Every trade is evaluated on 100+ metrics and assigned a grade from AA to F primarily based on efficiency throughout eight classes: market high quality, safety, regulation, KYC, transparency, knowledge provision, trade management and adverse occasions. Grades BB and above are thought of top-tier and are eligible for inclusion in CoinDesk’s CCIX reference fee.
This framework isn’t about reputation or scale; as a substitute it acts as a essential filter that enables regulators, establishments and counterparties to separate sturdy venues from people who merely seem so.
Key findings from April 2025
Six spot exchanges earned an AA score: Binance, Coinbase, Bitstamp, Kraken, Crypto.com and Bullish. That is greater than within the earlier two editions and displays continued strengthening on the high finish of the market.
Nineteen exchanges had been categorised as top-tier total, up from 16 in November 2024. Gate.io, Bitvavo and WhiteBIT had been new entrants this cycle, supported by verified submissions of due diligence questionnaires. Greater than 60 p.c of top-tier exchanges submitted DDQs, permitting for impartial validation of key inputs and improved rating reliability.
DDQ engagement continues to correlate strongly with increased scores and benchmark motion.
Help for off-exchange settlement additionally expanded. Sixty-seven p.c of AA-rated exchanges now supply the choice for property to stay in third-party custody whereas nonetheless facilitating buying and selling entry. This construction reduces direct publicity to exchange-held wallets and improves alignment with institutional threat frameworks.
Quantity and threat
Prime-tier exchanges accounted for over 60 p.c of Q1 spot quantity, regardless of making up lower than 20 p.c of ranked venues. AA-rated exchanges alone contributed greater than 40 p.c of world exercise. View the total rankings breakdown right here.
The chart above illustrates how operational high quality continues to correlate with quantity focus on the high of the market.
On the identical time, a number of high-volume exchanges stay within the decrease tiers because of gaps in licensing, surveillance or inner transparency. The benchmark report highlights these disconnects and helps a extra risk-aware method to evaluating quantity.
Trying forward
The following version of the Trade Benchmark will probably be revealed in November 2025. Exchanges in search of to be included should full a due diligence questionnaire and supply adequate entry for knowledge integration.
As scrutiny from regulators, counterparties and institutional allocators will increase, the price of poor infrastructure is simply rising. The benchmark report performs an important position in setting expectations and preserving the trade accountable — appearing as a necessary device for navigating threat in an more and more complicated and consequential a part of the crypto ecosystem.
Discover the total outcomes and rankings within the April 2025 Trade Benchmark report right here.
