CoinDesk Data's Exchange Benchmark brings transparency and accountability to the digital asset exchange sector. The report is updated twice annually to reflect the fast-changing digital asset landscape and is backed by thousands of hours of research and encompasses more than 100 qualitative and quantitative metrics.
Key findings:
- Among the 81 spot exchanges evaluated, 16 achieved Top-Tier status (BB+ rating), representing 22% of the exchange landscape—a slight decrease from the 19 exchanges in the previous report.
- Top-Tier Exchanges Continue to Dominate Trading Volume: Though comprising only ~20% of spot exchanges, Top-Tier exchanges command over 60% of the current trading volume, driving an average monthly volume of $850bn out of $1.4tn from April - October 2024.
- Among the 84 exchanges assessed, KYC requirements vary significantly. Only 23% require Source of Funds verification, and 29% require Proof of Address. While over 50% of Benchmark exchanges implement at least one stringent KYC check, a notable 26% lack any KYC requirements.
