CoinDesk – Exchange Benchmark, Apr 2025
Summary
The report is an institutional assessment of digital asset exchanges, measuring counterparty risks, market quality, security, and regulatory compliance.
The report evaluates 89 exchanges across spot and derivatives markets. In 2025, stricter criteria for AA status were introduced, and exchanges with low ratings (E/F) were removed. Bitvavo and Whitebit entered the top tier for the first time. Binance, Coinbase, Kraken, and Bitstamp achieved AA status. A VASPnet regulatory assessment methodology was introduced, covering MiCA, US, and Canada licenses.
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