CCData Announces New Exchange Rankings As Exchange Volumes Reach All-time Highs

  • April 30, 2024

CCData Announces New Exchange Rankings As Exchange Volumes Reach All-time Highs

April 30, London - CCData, the leading provider of digital asset data and index solutions, is proud to announce the release of its latest Exchange Benchmark. Established in 2019, this biannual report has become the gold standard for analysing the risk associated with exchanges and fostering transparency in this rapidly evolving sector. 

The digital asset industry has moved closer to mainstream adoption since the release of the last Exchange Benchmark in November 2023, marked by the approval and demand for the recently approved spot Bitcoin ETFs in the United States. This, in turn, has prompted a sharp rise in CEX activity and volumes, which reached an all-time high of over $3tn in March.

As demand for digital assets and exchange services continues to grow, global regulators have significantly enhanced their oversight of the industry. This enhanced scrutiny has become especially critical following high-profile incidents, such as the collapse of FTX in 2022 and the intensified regulatory focus on major exchanges.

These developments have underscored the necessity for exchanges to adapt and reinforce their compliance and operational frameworks. Despite stricter evaluation criteria, numerous exchanges have maintained, if not improved their rankings, showcasing the continued commitment exchanges are placing in elevating operational standards. For example:

  • 17 out of 98 spot exchanges achieved Top-Tier status, with Coinbase and Bitstamp scoring above 85%, reflecting high regulatory and market quality standards.
  • 10 derivatives exchanges are now classified as Top-Tier, a 25% increase since the last benchmark, enhancing derivatives market quality.
  • Centralised exchanges rated AA and A captured 78% of total daily average trading volumes, a 20% increase year-over-year, illustrating a preference for higher-rated exchanges.
  • Uniswap received the highest score in the third iteration of our DEX Benchmark and is the only DEX eligible for an AA rating. Curve came second, securing a BB grade, followed by dYdX and Balancer.

“Since the release of the first Exchange Benchmark in 2019, the digital asset exchange sector has evolved significantly, with heightened user activity and increased oversight from global regulators," said Charles Hayter, CEO and Co-Founder of CCData. "As the industry continues to grow, the Exchange Benchmark has become increasingly crucial, providing key insights to improve industry standards while helping market participants navigate this dynamic sector with confidence.”

CCData’s Exchange Benchmark is backed by over 200 qualitative and quantitative metrics, ensuring exchanges are held to the highest standards across key risk areas including, Security, Transparency, Legal & Regulation, and Market Quality. This edition also features key contributions from VASPnet, with its best-in-class regulatory and license data - covering 77 regulatory jurisdictions - bolstering our oversight on Exchange regulatory practices and licenses.

Access the report  to learn more about our methodology and  discover the full rankings:

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