Binance tops CoinDesk's cryptocurrency exchange ranking: who's in the top 10
CoinDesk analysts released the latest November ranking of centralized cryptocurrency exchanges, published twice a year. Binance has once again topped the list and is the only platform to exceed 90 points in both spot and derivative trading.
Top 10 Cryptocurrency Exchanges 2025
CoinDesk assessed 81 cryptocurrency exchanges based on more than a hundred metrics across eight major categories, including market quality, security, legal regulation, KYC, transparency, and data handling. The leaders of this cycle are:
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Binance,
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Bitstamp by Robinhood,
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Coinbase,
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Kraken,
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Crypto.com,
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OKX,
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Bullish,
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Gemini,
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Gate,
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Bybit.
Binance received 93.4 points in spot trading and 93.65 in derivatives. According to CoinDesk, nearly 26% of the global spot volume comes from this exchange — as much as the seven largest competitors combined. In derivatives, the dominance is even stronger.
How Ranking Requirements Have Changed
CoinDesk raised the minimum threshold for entry into the Top-Tier category from 65 to 70 points. Despite this, the number of exchanges in the top category increased from 19 to 20. The number of platforms rated AA doubled — from four to eight.
According to Binance, over 1,280 employees, or nearly 22% of the staff, are engaged in user protection and compliance.
What Has Changed in the Crypto Industry
CoinDesk emphasizes: leading exchanges have become significantly more resilient than they were 5 years ago, when the market was filled with unregulated platforms. Average ratings have increased in terms of security, transparency, and regulatory compliance. Most top exchanges operate in accordance with MiCA, ADGM, and similar standards. The UAE ranks third in the world in terms of the number of licensed platforms.
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