Coinbase has leapfrogged Binance to become the top-ranked cryptocurrency exchange, according to Kaiko’s Q2 2025 data.
Kaiko, a prominent market data provider, evaluated exchanges on governance, business performance, liquidity, security, technology, and data quality.
Per the results, Coinbase edged out Kraken, Binance, and Crypto.com to claim the number-one spot. The shift underscores investors’ growing emphasis on regulatory compliance and platform trustworthiness.
Spot Exchange Rankings Q2 2025| Source: Kaiko
Kaiko’s report, shared on 5th June, ranked exchanges across six categories. Each category carried equal weight in the overall score.
Governance measured board structure, transparency, and legal compliance. Business performance is considered revenue growth and market share.
Liquidity examined order book depth and bid-ask spreads. Security assessed past breaches, insurance coverage, and auditing.
Technology evaluated system uptime and uptime metrics. Data quali
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