[NEWS] Forbes announces ranking of the world's most reliable cryptocurrency exchanges, including Japanese exchanges

Forbes has released a ranking of the world's most reliable "cryptocurrency exchanges and marketplaces." Domestic cryptocurrency exchanges were also included in the ranking.

This ranking was based on "Bitcoin (BTC) and Ethereum (ETH) holdings," "regulatory compliance," "transparency," and "trading volume." The cryptocurrency exchanges that made it into the top 10 are as follows:

Coinbase: USA

CME Group: USA

Robinhood: USA

Upbit: South Korea

Deribit: Dubai

Bitstamp: Luxembourg

Crypto.com: Singapore

Kraken: USA

Fidelity: USA

LMAX Digital: Gibraltar

The top spot went to Coinbase, a major US cryptocurrency exchange. In second place was CME Group, and in third place was Robinhood, both US cryptocurrency trading service providers.

Coinbase, ranked first, attracts demand as a custodian in addition to its exchange services. The company manages about 13% of the world's supply of Bitcoin (BTC) and Ethereum (ETH) and 40% of all cryptocurrencies held in exchanges. This is said to be an important indicator of reliability.

Coinbase is currently in a legal battle with the SEC (U.S. Securities and Exchange Commission). Nevertheless, it received the highest score in terms of regulation. The reason for this is that the issues surrounding Coinbase are civil, not criminal.

Coinbase also received high marks in terms of the quality of its audits and demand from institutional investors. Coinbase also topped a similar ranking released by Forbes in 2022. Robinhood, ranked third, is also preparing for a legal battle with the SEC, just like Coinbase.

CME Group, ranked second, operates the Chicago Mercantile Exchange. Although it does not specialize in cryptocurrency trading, it boasts the largest trading volume in cryptocurrency futures trading. ETF issuers and hedge funds refer to the Chicago Mercantile Exchange's futures prices, and it was evaluated as playing an important role in the industry.

This ranking did not include well-known cryptocurrency exchanges such as Binance and MEXC, which are major cryptocurrency exchanges. Forbes explained that it excluded these exchanges due to violations of laws and regulations and the reliability of the authorities' monitoring itself, as well as taking into account internal controls.

In addition, the previous ranking announced by Forbes introduced the top 60, but it has been changed to the top 20 to take into account more reliability and transparency.

Four Japanese cryptocurrency exchanges ranked in the top 20

Although they did not make it into the top 10, four Japanese cryptocurrency exchanges ranked in the top 20. In 11th place is bitFlyer, in 13th place is Bitbank, in 14th place is GMO Coin, and in 20th place is Coincheck.

In addition, Asian companies such as Bithumb from South Korea and HashKey from Hong Kong are also ranked, and the rise of Asian companies, including Upbit, which made it into the top 10, was notable.

Reference: Forbes
Image: Shutterstock

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