CoinDesk’s biannual benchmark points to a more transparent, regulated exchange ecosystem, with stricter Top-Tier criteria, broader licensing, growing proof-of-reserves, and fewer security incidents.
Binance ranks AA and #1 in both spot and derivatives, pairing deep liquidity with strong compliance and security investments to deliver resilient performance.
Healthy competition among top-tier exchanges is raising the bar on market quality, governance, and disclosure, signaling a safer, more institutional-grade future for users and institutions.
Twice a year, the CoinDesk Exchange Benchmark provides one of the most comprehensive, data-driven looks at how centralized exchanges operate. The November 2025 edition evaluated 81 exchanges, 79 in spot and 29 in derivatives categories, against more than 100 metrics covering market quality, compliance, transparency, and security. Within a maturing landscape, Binance was recognized as the leader across both spot and derivatives.
Scores were weighted across eight dimensions:
Market Quality (25%)
Security (20%)
Legal & Regulation (15%)
KYC / Transaction Risk (15%)
Transparency (10%)
Data Provision (10%)
Team & Exchange (5%)
Negative Events (–3%)
CoinDesk also raised the threshold for “Top-Tier” status from 65 to 70 points compared to the previous edition – a sign of rising expectations. Even so, more exchanges qualified this time (20 vs 19 in April), showing that the industry as a whole is moving toward higher professionalism. Here’s what it all means for retail and institutional users and the crypto ecosystem at large.
Just a few years ago, the crypto exchange sector was defined by rapid expansion and uneven standards. The new data show a different picture – that of compliance and operational resilience.
Nearly 60 percent of exchanges in the benchmark now operate under recognized regulatory regimes, up 4 points from earlier 2025. Almost half have implemented public Proof-of-Reserves programs, and one-third publish audited financials. Security incidents are down sharply as total losses across all 81 exchanges amounted to $62 million over the review period, with none involving top-tier exchanges.
This maturation is not happening in isolation. Regulatory frameworks such as MiCA in Europe, the UAE’s VASP licensing regime, and new U.S. stablecoin framework have raised the bar for compliance and disclosure. In response, exchanges are investing in risk systems, 24/7 surveillance, and greater transparency with counterparties and regulators.
Within this landscape, Binance continues to set the operational benchmark. According to CoinDesk, we ranked #1 for both spot (93.4) and derivatives (93.65) trading – the only exchange scoring above 90 in both – which places us in the AA tier.
Our leading performance across Market Quality, Security, and Transparency reflects the scale of our investment in compliance infrastructure: over 1,280 employees (almost 22% of our workforce) dedicated to roles related to user protection and regulatory engagement, hundreds of millions invested annually in KYC and AML controls, and a proven track record of operational resilience.
Binance CEO Richard Teng commented: “CoinDesk’s recognition is encouraging and reflects the hard work of our teams and partners, but it also underscores the responsibility to keep improving. Our priority is the same every day: run resilient markets, protect users, and work constructively with regulators to raise standards. We’ll continue investing in compliance, transparency, and technology to help make crypto safer and more accessible for everyone.”
Based on CoinDesk’s data, Binance accounts for about 26 percent of global spot volume, which roughly equals the combined share of the next seven largest exchanges. In derivatives, Binance’s dominance is even more pronounced.
This scale matters because liquidity depth is central to market quality. High liquidity means tighter spreads, lower slippage, and more efficient price discovery – benefits that extend to the entire ecosystem. It’s one reason why Binance scores consistently high on Market Quality metrics, and why institutional and retail users continue to see us as the primary venue for execution.
CoinDesk’s findings also confirm that deep-liquidity exchanges tend to have more robust compliance and security programs. In other words, the largest venues are also the most resilient, a dynamic that did not exist five years ago when volume was fragmented across many unregulated platforms.
While Binance leads the benchmark, the report also shows healthy competition among the top tier. The number of AA-rated exchanges doubled year on year (from 4 to 8), and average scores rose across security, data transparency, and legal compliance. Global exchanges continue to drive best practices in specific jurisdictions, while emerging venues in Asia and the Middle East are rapidly adopting global standards.
For retail users and institutions alike, this means that the CEX market has become a competition on trust: who offers the most secure custody, the clearest disclosures, and the strongest governance. That’s a positive signal for crypto’s long-term adoption.
The benchmark also underscores how quickly crypto is integrating with traditional finance. More than half of Top-Tier exchanges now hold licenses under MiCA, ADGM, or similar frameworks. The UAE ranks third globally for licensed venues, reflecting the Middle East’s growing role as a regulatory innovation hub.
This is exactly the industry direction we have been championing for years: regulated access that still preserves crypto’s openness and efficiency. At Binance, our goal is to help shape the rules of the road through dialogue and transparency. We see compliance as a competitive advantage, and CoinDesk’s findings suggest the market agrees.
The 2025 benchmark paints an industry that has matured dramatically from its early years. CEXs are now functioning more like financial infrastructure than start-ups. They manage billions in daily flows with institutional risk frameworks and work closely with regulators.
At the same time, competition remains intense. Innovations in custody, off-exchange settlement, and tokenized collateral are reshaping what a modern exchange can be. The next phase will focus on interoperability between centralized and on-chain markets – an area where Binance continues to invest heavily through its institutional solutions and wallet infrastructure.
The CoinDesk Exchange Benchmark is a mirror showing how far our industry has come. The 2025 results prove that maturity and growth can go hand in hand: more regulation, stronger controls, and better service for users worldwide.
Unlike short-term volume leaderboards, the CoinDesk Benchmark combines quantitative and qualitative data. It analyzes exchange APIs, audits, and liquidity order books, but also incorporates proof of reserves, regulatory licenses, and incident history. Every metric is weighted and normalized so that no single factor, not even volume, can dominate the outcome.
The result is a balanced view of who is actually performing to institutional standards. Binance’s AA score across both spot and derivatives markets shows that scale and compliance can co-exist, and that a global exchange can operate with the same discipline as traditional financial venues.
We’re proud that Binance ranks at the top – but even more proud to see a healthier, more resilient market forming around us. As the industry keeps evolving, our focus remains the same: build trust, protect users, and help set the standards that make crypto stronger for everyone.
