We're pleased to share the findings from our November 2025 Exchange Benchmark, our bi-annual report that evaluates the risk associated with digital asset exchanges.

Since launching in 2019, the Exchange Benchmark has become the industry standard for assessing exchange risk, utilising more than 200 qualitative and quantitative metrics. The rankings underpin CoinDesk Data's CCIX aggregate index methodology and provide a trusted framework for investors, regulators and market participants.

Overall, 20 exchanges now qualify as Top-Tier (BB or higher), compared to 19 in the prior cycle, despite stricter grading criteria. Eight exchanges achieved AA ratings, up from six in the previous cycle: Binance (93.4), Bitstamp (89.3), Coinbase (88.0), Kraken (87.0), Crypto.com (87.0), OKX (85.8), Bullish (85.2), and Gemini (80.2).

This report is supported by Hex Trust.