Binance Holds Its Ground as Top Exchange in 2025
It’s not often you see a crypto exchange stick to its guns, but Binance seems to be doing just that. According to recent data, it’s the only major platform that didn’t delist any tokens added between 2023 and 2024. That’s a pretty stark contrast to competitors, who’ve been shuffling their offerings like a deck of cards. CryptoQuant called it a sign of “rigorous” standards—though whether that’s by design or just luck, who knows.
What’s clearer, though, is the numbers. Binance handed out over $2.6 billion in airdrops last year alone, grabbing nearly 95% of the rewards market. Programs like Launchpool and Megadrop pulled in millions of users, which probably explains why they’re still ahead. And as of mid-2025, there’s no sign of that slowing down. For traders, that might mean fewer surprises—something rare in crypto.
Liquidity? Binance Still Has the Edge
When it comes to Bitcoin, Binance isn’t just leading—it’s miles ahead. CoinGecko’s latest figures show around $8 million in liquidity within a $100 range on either side of the price. That’s more than Bitget or OKX. Narrow it down to a $10 range, and Binance is the only exchange with over $1 million on each side.
Ethereum’s a bit different. Bitget briefly overtakes Binance in tight spreads, but widen the range, and Binance claws back dominance with about 25% of the market. XRP? Binance, Bitget, and Coinbase together control two-thirds of liquidity. Solana and Dogecoin are more fragmented, but Binance still holds its own.
Transparency—Or Lack Thereof
Proof-of-reserves has been a sticking point for exchanges since the whole FTX mess. Binance, at least, seems to be playing it straight. CryptoQuant says it’s the most transparent among the big players, with reserves consistently above 100% and monthly reports to back it up.
OKX isn’t far behind, publishing regular updates. Coinbase, though? Oddly silent. For a company its size, you’d expect better. Maybe they’ve got nothing to hide—or maybe they’re just betting no one’s paying attention.
All this doesn’t mean Binance is perfect. No exchange is. But for now, it’s hard to argue with the numbers. Whether that lasts? Well, in crypto, anything can happen.
