Forbes is calling for nominations in autumn 2022

2022 Forbes The Fall Crypto Exchange Survey is now accepting nominations. Building on the success of Forbes‘ Our 2022 ranking of 60 crypto exchangesthe list will compare the financial firms most investors rely on to access tens of billions of dollars in crypto holdings and derivatives across 10 categories. Our top-ranked exchange last spring was Coinbase (Nasdaq: COIN ), one of the largest exchanges globally, which reported 98 million verified users on its books, $256 billion in client assets and scored 8.6 out of 10.

In a world of more than 800 financial firms, it is biannual Forbes crypto exchange rankings are becoming the best way for investors to confidently distinguish the new and riskier exchanges from the more experienced, cautious ones. However, we note that not all newbies are equally risky, as our first report showed, and not all experienced exchanges were completely sound.

Lessons learned from our first ranking

Our maiden voyage ranking crypto exchanges have combined what is known about these firms from multiple sources and added Forbes‘ expertise in analyzing financial firms. We reviewed the exchange’s self-reported information, customer reviews from the likes of TrustPilot and app users, sophisticated cyber defense tests from security consultancy Hacken and online metrics from leading analytics firm SimilarWeb. We also tracked which exchanges received outside financial support and which have been controlled by professional capital markets. When firms raise external capital, they also tend to (or are required to) adopt robust internal controls – which can be a good sign for investors. This investigative approach is how our 10-category methodology was born.

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If rule compliance is a hallmark of Forbes rankings, as is our methodology’s inclusion. The first ranking survey included 14 traditional financial services firms such as PayPal, Block’s CashApp and Robinhood due to their extensive reach and ability to allow customers to buy and sell crypto. We also included traditional markets such as CME Group and LMAX Exchange, two highly regulated, high-volume firms that cater to institutional buyers and sellers of some of the largest cryptocurrencies by market cap, at relatively low costs.

What’s new this time?

With daily crypto trading activity down 66% in early August from June and big names like Celsius Network and Voyager Digital filing for bankruptcy, such measurement and ranking is more consequential than ever. A number of new, expanded features will make it easier to track down insolvent, zombie crypto exchanges and those who falsely claim regulatory compliance next time.

With the autumn 2022 survey Forbes crypto exchange rankings will include more input from the firms being ranked and a greater focus on solidity. We ask the questions the crypto industry wants us to ask to make more informed decisions. These now include who owns the exchanges, how workforces and customers are distributed globally, and important internal practices such as when the accounts were audited.

The stock exchanges are at an important point in their development and face significant headwinds. Forbes has reported how an embattled US Securities and Exchange Commission is investigating every US crypto exchange and presumably intends to treat most digital assets as securities. Meanwhile, investors no longer feel as confident that exchanges act as custodians of their wallets and support public use of third parties or self-custodians. A migration to the stronger exchanges or completely outside the exchanges may be underway.

We believe that one of the best things financial intermediaries can do in times like this is to earn trust by being open, truthful and accountable. We hope crypto holders will encourage their favorite exchanges to participate in the upcoming Forbes Ranking autumn 2022.

We are also asking all crypto exchanges and firms offering buy/sell crypto services to the retail market to participate in this critical study and do so by requesting a survey link from Javier Paz, jpaz@forbes [.com] before the breach on August 17.