Pay attention to our overall industry | CoinDesk releases November exchange benchmark report—— I took a look and sorted out a few key points—— The original report can be viewed here: https://drive. (google.com)/file/d/1Szgu7it75j2VK4Xa6hfZ9IM893908dxp/view ——Binance ranks first with a score of 93.4 (AA) - it is the only exchange with a score above 90, and both spot derivatives are ranked first. This score gap leadership indicates that it has established a deep moat in liquidity, product matrix, and global compliance layout. For large funds and institutional users, it remains the default option. ——The threshold for 'top tier' has been raised, and the industry has collectively improved, but polarization has intensified. Eight exchanges have received AA ratings, higher than the six in the previous cycle, indicating an overall improvement in resilience. The upgrade of OKX and Gemini indicates that continuous compliance investment is gaining market recognition. Currently, there are 20 exchanges that meet the top-level standards (BB or higher), compared to 19 in the previous cycle - (although the score has increased from 65 to 70) The benchmark evaluation currently covers 81 exchanges (79 spot and 29 derivative) Currently, there are a total of 20 exchanges that meet the top-level standards, which is higher than the 19 in April 2025 and the 16 in October 2024 (although the threshold for top-level status has been raised from 65 points to 70 points) ——Compliance focus shifts westward, with the United States becoming a new beacon North America has surpassed Europe for the first time in the number of regulatory licenses. This is a historic turning point. The complexity of the EU MiCA framework has led to a 33% decrease in registration volume (a sharp drop of 83% in the Netherlands), while the clear (although strict) state-level MTL framework in the United States has attracted a large number of exchanges. This means that in the future, new projects and mainstream funds will be more inclined to choose exchanges with clear licenses in the United States. For users, placing assets on exchanges with US state licenses (such as NYDFS BitLicense) provides a higher margin of safety. ——Transparency becomes a new 'valuation' indicator 21 exchanges submitted validated due diligence questionnaires, with 75% of AA level exchanges participating. At the same time, the number of exchanges releasing audited financial reports and reserve certificates has reached a new high. From the user's perspective, after the FTX incident, the answer to the question 'How can trust be relied upon?' is data. Exchanges that are willing to voluntarily "go naked" (transparency) are gaining a "transparency premium". Investment behavior should prioritize platforms that provide PoR, PoL, and audited financial reports, as this is the simplest and most effective way to avoid "black box" risks. ——Security: From 'whether or not to be hacked' to 'how to handle after being hacked' Safety is not about absolutely avoiding accidents, but about the emergency response capability and sufficient capital after accidents occur. Top exchanges, with their strong financial and technological capabilities, can respond quickly and avoid permanent loss of user assets. The events with the largest single loss amount occurred on top exchanges, such as Bybit's $1.4 billion. ——High trading volume ≠ low risk MEXC (C-grade) holds a 5.05% spot market share, ranking second. This indicates that there are still a large number of users contributing liquidity to high-risk platforms. If the exchange you are trading on has a rating of B or below, then you are essentially betting on its "high yield" or "new fast" features with your principal. ——The serious deviation between trading volume and security and compliance is one of the biggest cognitive traps in the current market. ——How should ordinary people use this list? 1. Most of your core assets such as BTC/ETH should be prioritized for storage on AA or A-level exchanges. This is the fundamental stock of your assets. 2. For trading some small currencies or participating in emerging ecosystems, B-level or even C-level exchanges may be used. Strictly follow the principle of "small and short-term" and promptly withdraw assets back to your cold wallet or "safe house". 3. When choosing any new exchange, compare the eight categories in the report and ask yourself: Does it have a clear regulatory license (Legal)? Do you have proof of reserve funds (Transparency)? Are security measures in place? Is the user experience smooth (Data)? The industry is constantly developing and growing, which also gives everyone more confidence! Compliance, transparency, and security are no longer slogans, but tangible competitiveness. For investors, the era of blindly chasing trading volume and speed of updating has passed, and risk-based refined asset allocation will become the survival rule of the next cycle. In short, remember one sentence: in this market, surviving is more important than running fast. Choosing the right exchange is the first step in your survival. @binancezh @cz_binance @okxchinese @star_okx