Binance is №1 among crypto exchanges according to CoinDesk.
CoinDesk published a fresh Exchange Benchmark for November 2025 - and Binance again took first place, receiving the only AA rating in the industry in two directions at once: spot markets (93.4) and derivatives (93.65).
It is noted that the exchange is leading in terms of liquidity depth, market quality, security and compliance with regulatory requirements. Binance accounts for 26% of the world's spot volume, and positions in derivatives are even stronger.
The report also records the maturity of the industry: almost 60% of the exchanges operate under regulated regimes, half publish Proof of Reserves, and losses from security incidents have been reduced to a minimum. The number of exchanges with AA rating increased from 4 to 8 - competition goes for trust.
CoinDesk expects that the next era of crypto exchanges will be based on the interoperability of CEX and on-chain markets, a direction where Binance is already actively investing.
