Back to Research
Share this article

Binance, Bitstamp and Coinbase Top CoinDesk’s November 2025 Exchange Benchmark

CoinDesk’s Exchange Benchmark is the industry standard for assessing risk and resilience among global digital asset exchanges.

By CoinDesk Research
Nov 10, 2025, 3:36 p.m.
Benchmark Header Image

What to know:

We’re pleased to share the results from CoinDesk’s November 2025 Exchange Benchmark, our biannual report that evaluates the risk, transparency, and operational maturity of the global digital asset exchange sector.

Since its launch in 2019, the Exchange Benchmark has become the industry standard for assessing exchange risk, evaluating over 200 qualitative and quantitative metrics. These scores contribute to CoinDesk Indices' exchange eligibility requirements for benchmark reference rates.

This cycle assessed 81 exchanges (79 spot, 29 derivatives), assigning each a grade from AA to F. Exchanges ranking AA–BB are classified as Top-Tier, reflecting superior compliance, liquidity, and governance standards.

Key Findings

  • Binance leads with 93.4 (AA), the only exchange to score above 90. Bitstamp (89.3), Coinbase (88.0), Kraken (87.0), and Crypto.com (87.0) round out the top five.
  • Top-Tier exchanges expand to 20, up from 19 in the last cycle, despite stricter grading thresholds. Eight exchanges achieved AA status, the highest number since inception.
  • Market concentration continues to shift, with Top-Tier venues now accounting for 42% of global spot volume, down from 60% in April — indicating increased activity among mid-tier exchanges.
  • Regulatory power tilts toward the U.S., as North America overtakes Europe in licensing leadership. EU registrations fell 33%, while 16 exchanges now hold MiCA authorisation.
  • Security improves despite losses: $62M in hacks were recorded during the period, but no Top-Tier exchanges experienced prolonged downtime, and bug bounty rewards rose across all cohorts.
  • Transparency surges, with 34% of exchanges publishing audited financials, 49% releasing Proof of Reserves, and 21 verified DDQs submitted, covering 60% of Top-Tier exchanges.