Exchange Benchmark April 2025

CoinDesk's Exchange Benchmark is the industry standard for ranking the risk associated with the digital asset exchange sector. The report is updated twice annually to reflect the fast-changing digital asset landscape and is backed by thousands of hours of research and encompasses more than 100 qualitative and quantitative metrics.

  • May 7, 2025
Report cover

Exchange Benchmark April 2025

CoinDesk's Exchange Benchmark is the industry standard for ranking the risk associated with the digital asset exchange sector. The report is updated twice annually to reflect the fast-changing digital asset landscape and is backed by thousands of hours of research and encompasses more than 100 qualitative and quantitative metrics.

  • May 7, 2025

Report Summary

This latest Exchange Benchmark reveals significant market maturation, with Binance leading the rankings and Top-Tier exchanges now commanding over 60% of global spot trading volume despite comprising just 19% of assessed venues.

  • Binance leads the rankings with a score of 90.1, followed by Coinbase (89.8), Bitstamp (88.4), and Kraken (84.5), all achieving AA status
  • Top-Tier expansion to 19 exchanges rated BB or higher (up from 16 in November 2024), including new entrants Gate.io, Bitvavo, and WhiteBIT
  • Regulatory maturity advancing, with more than 50% of benchmarked exchanges now licensed under broader market or virtual asset regimes
  • Institutional infrastructure adoption growing at top-tier exchanges, with 83% of A-rated and 67% of AA-rated exchanges supporting third-party custody solutions
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