Since launching in 2019, the Exchange Benchmark has become the industry standard for assessing exchange risk, utilising more than 100 qualitative and quantitative metrics across eight risk categories. The scores and grades contribute to ‘CoinDesk Indices’ exchange eligibility requirements for benchmark reference rates.

This edition assessed 75 exchanges, assigning each a grade from AA to F. Exchanges ranking AA-BB are classified as Top-Tier,  reflecting relative risk profiles rather than absolute superiority.

Bitstamp by Robinhood tops the ranking with 90.26 (AA). Coinbase (88.58), Kraken (87.77), Binance (87.25), Bullish (86.99) and Crypto.com (86.22) round out the AA tier. Overall, six exchanges achieved AA ratings under the new 85-point threshold, with the highest average AA exchange scores since inception (87.8). Twenty-one exchanges now qualify as Top-Tier (BB or higher), up from 20 in November 2025.

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