Exchange Benchmark - April 2025

We're delighted to share the results from our April 2025 Exchange Benchmark (formerly released by CCData), our bi-annual report that provides a robust framework for assessing the risk associated with digital asset exchanges.

Powered by thousands of hours of in-depth research, the Exchange Benchmark evaluates over 100 qualitative and quantitative metrics, applying our unique scoring methodology to deliver a grade (AA-F) for each exchange. This comprehensive approach enables investors, regulators, and market participants to make more informed decisions in this dynamic industry.

In this latest edition, Binance leads with the highest overall spot score (90.1), followed by Coinbase (89.8), Bitstamp (88.4), and Kraken (84.5), all achieving AA status.

Key Findings:

• Exchange quality continues to improve, with 19 exchanges now rated BB or higher, up from 16 in November 2024
• Regulatory maturity advancing, with more than 50% of benchmarked exchanges now licensed under broader market or virtual asset regimes
• The United States maintains regulatory leadership with 60 exchange registrations through combined federal (FinCEN) and state-level licensing frameworks
• Institutional infrastructure adoption growing at top-tier exchanges, with 83% of A-rated and 67% of AA-rated exchanges supporting third-party custody solutions
• Security best practices stratified by quality tier: Proof of Reserves adoption universal among AA, A and BB exchanges but declining significantly at lower ratings
• Historical security vulnerabilities remain notable, with 30% of benchmarked exchanges experiencing at least one hack since 2015
• KYC standards increasingly robust, with 72% of benchmarked exchanges enforcing strict verification requirements for all deposits and withdrawals