Trusted Exchange Framework 2.0

Centralized exchanges are a vital part of the crypto ecosystem but vary widely in quality across several use-cases. In order to promote transparency, innovation, and trust for the industry and its users, Coin Metrics is releasing an update to the Trusted Exchange Framework which quantitatively and rigorously assesses exchanges across various dimensions of quality. Building on Coin Metrics’ unique experience of maintaining a market data collection system for over 40 exchanges, this report summarizes extensive research into detecting wash trading, fake volume, and fraud as well as the application of these ideas to real-world data.

Overall Ranking

EXCHANGE DATA QUALITY TRANSPARENCY & RESILIENCE SECURITY AND REGULATORY COMPLIANCE INFRASTRUCTURE OVERALL SCORE
coinbase 1.00 0.80 1.00 1.00 0.94
binance.us 1.00 0.60 0.83 0.86 0.82
kraken 1.00 1.00 0.50 0.57 0.80
gemini 1.00 0.40 1.00 0.71 0.79
bitstamp 1.00 0.60 0.67 0.71 0.75
bitmex N/A 0.80 0.67 0.71 0.73
bitfinex 1.00 0.60 0.50 0.71 0.70
binance 1.00 0.40 0.67 0.71 0.69
lmax 1.00 0.60 0.50 0.57 0.68
cex.io 0.50 0.60 0.67 1.00 0.65
bittrex 0.83 0.60 0.67 0.57 0.68
crypto.com 0.83 0.40 0.83 0.57 0.67
OKX 1.00 0.60 0.33 0.57 0.63
gate.io 0.83 0.80 0.33 0.43 0.62
kucoin 1.00 0.60 0.33 0.43 0.61
huobi 1.00 0.60 0.17 0.71 0.61
bitthumb N/A 0.80 0.50 0.43 0.61
itbit 0.33 0.60 0.83 0.57 0.59
bybit 1.00 0.60 0.33 0.29 0.59
cme N/A 0.60 0.50 0.71 0.58
bibox 0.67 0.60 0.33 0.57 0.54
bitflyer 0.50 0.60 0.50 0.57 0.54
deribit N/A 0.60 0.33 0.86 0.54
hitbtc 0.67 0.60 0.17 0.86 0.53
therocktrading 0.33 0.60 0.50 0.57 0.49
poloniex 0.67 0.60 0.17 0.71 0.51
bitbank N/A 0.60 0.33 0.43 0.46
upbit 0.33 0.60 0.33 0.43 0.42
mexc 0.33 0.60 0.33 0.29 0.40
lbank 0.67 0.60 0.00 0.43 0.42
localbitcoins 0.00 0.60 0.17 0.29 0.36
zb.com 0.50 0.20 0.17 0.43 0.31

*Exchanges without sufficient spot market data were rated n/a for data quality and were not penalized for their data quality scores. They are however disqualified for being included in the trusted volume metric.

Trusted Exchange Framework 2.0

Centralized exchanges are a vital part of the crypto ecosystem but vary widely in quality across several use-cases. In order to promote transparency, innovation, and trust for the industry and its users, Coin Metrics is releasing an update to the Trusted Exchange Framework which quantitatively and rigorously assesses exchanges across various dimensions of quality. Building on Coin Metrics’ unique experience of maintaining a market data collection system for over 40 exchanges, this report summarizes extensive research into detecting wash trading, fake volume, and fraud as well as the application of these ideas to real-world data.

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