July 2026

Talos Exchange Scorecard

The Talos Exchange Scorecard offers a systematic framework for assessing digital asset exchanges across six measurable pillars: Data Quality, Liquidity, Regulatory Compliance, Transparency, Resilience & Security and API Quality.

Disclaimer

The information herein is provided for informational purposes only. Talos Global, Inc. and its affiliates (“Talos”) does not give any representations or warranties in relation to the accuracy, validity, or completeness of the information of this material, including without limitation the factual information obtained from publicly available sources considered by Talos to be reliable at the time. Talos accepts no liability for any consequences of using the information contained in this material. Any opinions or estimates expressed herein reflect a judgment made by the author(s) as of the date of publication and are subject to change without notice. Neither this material nor any copy thereof may be taken, reproduced, or redistributed, directly or indirectly, without Talos’s prior written permission. Certain projects referenced in this material may pay Talos for research coverage, data services, or related analytical products. Any such commercial arrangements do not constitute an endorsement, recommendation, or solicitation by Talos. Talos does not receive compensation tied to the inclusion, ranking, or discussion of any asset or organization in this publication.

This information does not constitute an offer to buy or sell, or a promotion or recommendation of, any digital asset, security, derivative, commodity, financial instrument, or product or trading strategy. This information is not intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Regulatory compliance

The Regulatory Compliance category reflects Talos's assessment of each exchange's licensing status, registrations, and regulatory history based on publicly available information, including regulatory filings, enforcement actions, license registries, and disclosures made by the exchanges themselves or by relevant authorities, as of the date of publication. Talos does not independently verify the accuracy or completeness of any regulatory claim made by an exchange or third party, and scores may not reflect regulatory developments, actions, or license changes that occur after the applicable review period or that are not publicly disclosed.

This category does not constitute a legal opinion or determination as to whether any exchange is operating in compliance with applicable law in any jurisdiction, and should not be relied upon as such. It does not assess suitability, adequacy, or legality of any exchange's operations for any particular user or jurisdiction, nor does it consider every regulatory regime, jurisdiction, or license type that may apply to a given exchange. Absence of a noted regulatory issue does not imply regulatory approval or endorsement by Talos or any authority.

© Copyright 2026 | Talos Global, Inc.

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Latest Insights & Research

August 7, 2026
CASE STUDY
QCP Strengthens its Institutional Trading Infrastructure with Talos
QCP Strengthens its Institutional Trading Infrastructure with Talos

QCP Group needed trading infrastructure that could match the institutional standard it holds itself to — supporting client execution quality, liquidity access, risk controls, pricing and market data. QCP partnered with Talos to consolidate key components of its trading architecture onto a single institutional-grade platform, extending QCP’s capabilities in a way that complements its proprietary expertise and client-first approach. The result is a more tightly integrated trading environment that has enhanced the scalability and resilience of QCP's execution and risk workflows.

4 minute read
August 5, 2026
NEWS
Talos Integrates with STS Digital to Bring Institutional Crypto Options and Spot Liquidity to its Provider Network
Talos Integrates with STS Digital to Bring Institutional Crypto Options and Spot Liquidity to its Provider Network

Talos clients will gain direct access to STS Digital’s prices in options and spot — delivered through the Bermuda-regulated principal trading platform of one of the leading institutional crypto derivatives dealers.

3 minute read
July 31, 2026
ANALYSIS
Prediction Markets Are Going Institutional – Execution Should Too
Prediction Markets Are Going Institutional – Execution Should Too

The Talos Quantitative Execution Services team ran a simulation across three Kalshi markets to quantify the transaction cost of institutional-scale trading. In addition, they investigate a potential settlement-related manipulation pattern tied to Polymarket's 5-minute BTC event contracts.

3 minute read
July 30, 2026
Analysis
Introducing the Talos Exchange Scorecard
Introducing the Talos Exchange Scorecard

The Talos Exchange Scorecard is a systematic framework for assessing digital asset exchanges across their core qualities.

2 minute read
July 29, 2026
NEWS
Gravity Team integrates with Talos to deliver institutional spot crypto liquidity across emerging markets
Gravity Team integrates with Talos to deliver institutional spot crypto liquidity across emerging markets

The integration allows institutional clients to access Gravity Team's liquidity directly within their existing Talos workflows, enabling spot execution across Gravity Team's broad asset coverage without additional infrastructure requirements.

2 minute read
July 28, 2026
Research
Why is Aave’s USDC Utilization Rate Spiking?
5 minute read
July 27, 2026
COMMENTARY
What the CLARITY Act could mean for digital asset market participants
What the CLARITY Act could mean for digital asset market participants

How Talos infrastructure can support operational readiness

4 minute read
July 22, 2026
NEWS
Talos Brings Prediction Markets Onto Institutional Trading Infrastructure
Talos Brings Prediction Markets Onto Institutional Trading Infrastructure

New integration connects institutional algos, block trading and retail distribution to Kalshi's prediction and perpetual markets

3 minute read
July 21, 2026
COMMENTARY
Regulatory Roundup #21
Regulatory Roundup #21

Your dose of regulatory moves, missteps and melodrama, ensuring you’re always informed (and occasionally amused) by what global watchdogs are up to.

6 minute read
July 17, 2026
NEWS
The Rules are the Art: How Talos Design is Raising the Ceiling | Notes from Figma Config 2026
The Rules are the Art: How Talos Design is Raising the Ceiling | Notes from Figma Config 2026

AI made "average" easy. At Figma's Config 2026, our design team found the through-line: the craft now lives in the system, and judgment is what earns a trader's trust.

2 minute read
July 16, 2026
NEWS
Behind the Scenes of Moving Finance On-Chain with Tokenized Securities
Behind the Scenes of Moving Finance On-Chain with Tokenized Securities

On July 15, DTCC ran its first pilot trades using tokenized securities, the largest tokenization pilot to date by breadth of use cases, asset classes and participants.

5 min read