CoinDesk has released the latest edition of its Exchange Benchmark for November 2025, highlighting the performance and reliability of centralized cryptocurrency exchanges (CEX). For the second consecutive report, Binance secured the top position, earning an AA rating across both spot and derivatives markets.
According to the report, Binance achieved scores of 93.4 in the spot market and 93.65 in derivatives, making it the only exchange to surpass 90 points in both categories. These results underscore Binance’s deep liquidity, regulatory compliance, and robust security measures, which together provide a stable and efficient trading environment for users worldwide.
The benchmark also highlights that Binance maintains its leadership in market quality, transparency, and safety. The exchange currently controls 26% of global spot trading volume, with even stronger positioning in derivatives. Deep liquidity translates into narrow spreads, minimal slippage, and efficient price discovery, benefiting both retail and institutional traders.
Beyond Binance, the CoinDesk report signals a maturing CEX ecosystem. Nearly 60% of exchanges now operate under recognized regulatory frameworks, about half provide public proof-of-reserves reporting, and one-third publish audited financial statements. Security incidents have dropped significantly, with reported losses totaling $62 million, none of which affected major counterparties.
The report notes that evolving regulatory regimes—including MiCA in the EU, VASP in the UAE, and the US GENIUS Act for stablecoins—have encouraged investments in risk management systems, 24/7 monitoring, and transparency. As competition grows, the number of exchanges with AA ratings has doubled from four to eight, reflecting improvements in security, compliance, and trustworthiness.
Looking ahead, the CoinDesk Exchange Benchmark emphasizes that centralized exchanges are increasingly operating as financial infrastructure, innovating in custodial solutions, off-exchange settlements, and tokenized collateral. Interoperability between centralized and on-chain markets remains a key area of focus, and Binance continues to invest heavily in institutional-grade infrastructure and wallet systems.
The report reinforces Binance’s position as a market leader and signals a strong foundation for the long-term adoption of cryptocurrencies across regulated and transparent platforms.
