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

September 10, 2026
Research
State of the Market
State of the Market

September 3 - September 9, 2026

4 minute read
September 10, 2026
KNOWLEDGE
The Perpification of Everything: What Brokers Need to Offer Perps
The Perpification of Everything: What Brokers Need to Offer Perps

Ten years ago, the perpetual swap was introduced. BitMEX wanted to offer leveraged bitcoin exposure without expiries, delivery or a settlement calendar, so it listed a future that never settles and used a funding payment to hold it near spot. This innovation is now the dominant way crypto trades, and it is starting to appear across real-world assets.

5 minute read
September 8, 2026
Research
Bitcoin’s Shifting Macro Identity
Bitcoin’s Shifting Macro Identity

State of the Network #380

5 minute read
September 8, 2026
PRODUCT
Talos’s Coin Metrics Data now accessible via Amazon S3 and Snowflake Cloud Delivery
Talos’s Coin Metrics Data now accessible via Amazon S3 and Snowflake Cloud Delivery

Product Update: Read whole datasets from your own environment, with 10 datasets published daily as Apache Parquet files in Amazon S3 and as queryable tables in Snowflake.

2 minute read
September 3, 2026
Research
State of the Market
State of the Market

August 27 - September 2, 2026

4 minute read
September 3, 2026
NEWS
Talos Adds Perpetuals Trading Infrastructure for Brokerages
Talos Adds Perpetuals Trading Infrastructure for Brokerages

Product Update: The Talos White Label platform now supports linear derivatives trading end to end, giving brokerages a way to offer leveraged products without building the margin, funding or risk stack themselves.

3 minute read
September 2, 2026
CMBI UPDATES
CMBI Single Asset Series Methodology
CMBI Single Asset Series Methodology

The CMBI Single Asset Series is designed to represent the performance of individual cryptoassets through a range of daily, hourly, and real-time reference rates. Talos has updated the real-time calculation approach used across the CMBI Single Asset Benchmarks to improve the robustness of the index against illiquid or inactive constituent markets. In accordance with our CMBI Index Policies, Talos is consulting the market regarding this update to the calculation methodolog

2 minute read
September 2, 2026
CMBI UPDATES
CMBI Candidate Market Guidelines
CMBI Candidate Market Guidelines

The CMBI Candidate Market Guidelines define how Talos evaluates and selects the constituent markets used as data inputs for the CMBI Benchmarks. Talos is proposing an update to the exchange eligibility criteria used in the CMBI Candidate Market Guidelines. In accordance with our CMBI Index Policies, Talos is consulting the market regarding this proposed update

2 minute read
September 2, 2026
Commentary
Bitcoin is not the Digital Asset Industry
Bitcoin is not the Digital Asset Industry

In August, bitcoin had its best week of the year, and it still told you almost nothing about the industry compounding underneath it

8 minute read
September 1, 2026
Research
Stablecoins Capturing On-Chain Yield
Stablecoins Capturing On-Chain Yield

State of the Network #379

5 minute read
August 28, 2026
MEDIA
Ethan Feldman in TabbFORUM: Identity, Automation & Trust in the Next Generation of Trading Infrastructure
Ethan Feldman in TabbFORUM: Identity, Automation & Trust in the Next Generation of Trading Infrastructure

Talos CTO and Co-Founder Ethan Feldman contributed to a new TabbFORUM article on how capital markets firms are securing trading infrastructure as markets move to continuous operation and automated systems come to outnumber human operators.

4 minute read
August 28, 2026
Commentary
Talos Brings an Institutional Perspective to CFTC Prediction Market Rulemaking
Talos Brings an Institutional Perspective to CFTC Prediction Market Rulemaking

Prediction markets are becoming a larger part of the institutional market conversation. As interest grows, the regulatory choices being made today will influence how institutions access these markets and how activity develops in the United States.

5 minute read
August 27, 2026
COMMENTARY
Regulatory Roundup #22
Regulatory Roundup #22

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
August 27, 2026
CLIENT PROFILE
FalconX on Working with Talos: Hedging Risk Across Multiple Venues
FalconX on Working with Talos: Hedging Risk Across Multiple Venues

Market making across dozens of exchanges leaves risk scattered in dozens of places. FalconX's APAC Derivatives Trading Lead, Sean McNulty, explains how Talos became the desk's single gateway to all of them.

1 minute read
August 19, 2026
MEDIA
Inside the Infrastructure Powering Institutional Crypto
Inside the Infrastructure Powering Institutional Crypto

For years, the prospect of banks and other institutions moving into the digital assets space has been one of the industry's most talked about and closely watched developments. That shift is now becoming increasingly visible as banks, asset managers, ETF issuers, and brokerages move from exploring digital assets to building long-term businesses around them.

5 minute read