Despite billions flowing through centralised exchanges daily, there remains no consistent way to evaluate their underlying operational quality. Surface-level metrics dominate, and transparency varies widely. CoinDesk’s Exchange Benchmark report addresses this gap by offering a structured, independently verified framework to assess counterparty risk.
The April 2025 edition of the Exchange Benchmark report is our most comprehensive assessment to date. It covers 89 exchanges across spot and derivatives markets and features refined scoring across all eight categories, a more robust regulatory methodology and increased integration of verified licensing data via VASPnet. This is complemented by greater engagement with due diligence questionnaires (DDQs), enabling more transparent and accountable scoring.
The result is a clearer distinction between exchanges operating at institutional standards and those still falling short on core risk fundamentals.
Why benchmarking remains essential
As exchanges scale globally and regulatory scrutiny increases, meaningful due diligence remains difficult. Self-reported figures, fragmented disclosures and varying licensing regimes can mask real vulnerabilities. Without a standardised tool, exchanges can appear trustworthy, while lacking basic internal controls or regulatory clarity.
The Exchange Benchmark report is the industry standard for assessing the risk associated with digital asset exchanges. Each exchange is evaluated on 100+ metrics and assigned a grade from AA to F based on performance across eight categories: market quality, security, regulation, KYC, transparency, data provision, exchange leadership and negative events. Grades BB and above are considered top-tier and are eligible for inclusion in CoinDesk’s CCIX reference rate.
This framework is not about popularity or scale; instead it acts as a necessary filter that allows regulators, institutions and counterparties to separate robust venues from those that merely appear so.
Key findings from April 2025
Six spot exchanges earned an AA rating: Binance, Coinbase, Bitstamp, Kraken, Crypto.com and Bullish. This is more than in the previous two editions and reflects continued strengthening at the top end of the market.
Nineteen exchanges were classified as top-tier overall, up from 16 in November 2024. Gate.io, Bitvavo and WhiteBIT were new entrants this cycle, supported by verified submissions of due diligence questionnaires. More than 60 percent of top-tier exchanges submitted DDQs, allowing for independent validation of key inputs and improved score reliability.
DDQ engagement continues to correlate strongly with higher scores and benchmark movement.
Support for off-exchange settlement also expanded. Sixty-seven percent of AA-rated exchanges now offer the option for assets to remain in third-party custody while still facilitating trading access. This structure reduces direct exposure to exchange-held wallets and improves alignment with institutional risk frameworks.
Volume and risk
Top-tier exchanges accounted for over 60 percent of Q1 spot volume, despite making up less than 20 percent of ranked venues. AA-rated exchanges alone contributed more than 40 percent of global activity. View the full rankings breakdown here.
The chart above illustrates how operational quality continues to correlate with volume concentration at the top of the market.
At the same time, several high-volume exchanges remain in the lower tiers due to gaps in licensing, surveillance or internal transparency. The benchmark report highlights these disconnects and supports a more risk-aware approach to evaluating volume.
Looking ahead
The next edition of the Exchange Benchmark will be published in November 2025. Exchanges seeking to be included must complete a due diligence questionnaire and provide sufficient access for data integration.
As scrutiny from regulators, counterparties and institutional allocators increases, the cost of poor infrastructure is only rising. The benchmark report plays a vital role in setting expectations and keeping the industry accountable — acting as an essential tool for navigating risk in an increasingly complex and consequential part of the crypto ecosystem.
Explore the full results and rankings in the April 2025 Exchange Benchmark report here.
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