27 Oct 2021 · 4 min read

Honest Money: Who are the Most Transparent Crypto Exchanges?

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Cryptocurrencies are increasingly being used by individual consumers and business organizations to settle transactions in a decentralized and permissionless manner. Bitcoin (BTC), Ethereum (ETH), and major altcoins such as Binance Coin (BNB), Cardano (ADA), Polkadot (DOT) are being traded 24 hours a day across the globe. 

The tech-savvy consumer is looking for seamless trading options that allow them to complete transactions at transparent rates and with a high level of security. Digital currency trading platforms have emerged in many different jurisdictions throughout the world and there has been an increased focus on ensuring consumer protection while adhering to appropriate regulatory guidelines.

Excellent customer service is always a key focus area for the leading digital asset exchanges, along with offering a seamless user interface (UI). Although the crypto space is still in its early stages of development, we have seen many industry participants take proactive measures to ensure they’re following best practices and operating in a fully transparent manner.

After an extensive review of the top digital asset trading platforms, we’ve compiled a list of what we consider to be the 5 most transparent cryptocurrency exchanges.

1) bitFlyer

bitFlyer is another major exchange that prides itself on compliance. It’s notably the first exchange to be licensed in Japan, the European Union, and the United States (where they were among the first recipients of the notorious NY bitLicense) - which is no small feat by any means.

Founded in 2014, bitFlyer is a private company with head offices in Tokyo, Japan. It operates one of the largest digital asset exchanges with over 2.5 million users and develops other crypto-related tech as well. Over the years, consumers across the globe have truly valued bitFlyer’s transparency and consistency. This industry needs safe, reliable, and established trading platforms where users can perform quick and affordable trades. That has always been a key focus area for bitFlyer.

2) Bybit

Bybit, which is one the fastest-growing cryptocurrency exchanges, has become well-known in the digital assets space for offering one of the most extensive ranges of trading options. Recently, ByBit clinched the award for the “most transparent exchange” at the Crypto Expo Dubai (CED) Awards of 2021.

The award has formally recognized Bybit for its established track record of solid performance, excellent user feedback, scale of operations, and financials.

Igneus Terrenus, Head of Communications, Bybit, said that they’ve invested around 25% of their overall budget into ensuring adequate security to safeguard their infrastructure — which is around 2x the crypto industry average. 

Terrenus added that they will streamline the industry by bringing together the best of crypto and

traditional finance to offer an engaging trading experience as well as focusing on maintaining full price transparency.

Dwain Elias Albores, Project Manager of CED 2021, pointed out that as organizers of CED 2021, one of the largest crypto events in the MENA region, they’ve witnessed the dramatic growth of digital asset exchange users.

Dwain also noted that we need not consider regulations (or regulators) to be a ‘challenge’ per se — as a crypto-asset exchange, Bybit is focused on adopting progressive regulatory guidelines. 

The goal should be to adequately protect consumers if this industry is going to move forward in the right manner, Dwain added.

3) Coinbase

Digital asset exchange Coinbase (COIN: Nasdaq) has set the gold standard when it comes to preparing one of the most thorough token listing policies. Company CEO Brian Armstrong has clarified that they aim to offer the widest selection of cryptocurrencies for trading, investing, and staking - as long as they’re able to ensure compliance and it’s fully legal in a particular jurisdiction to provide such financial services.

Coinbase is headquartered in San Francisco and has built a solid reputation for itself as one of the most trusted and transparent exchanges in the business. Coinbase must take transparency seriously as it operates out of the US, the world’s most strictly regulated capital market.

4) Crypto.com

Crypto.com has built a great name for itself in the digital asset space because they offer one of the most extensive sets of services in the industry. Not only that, but the company is laser-focused on a business strategy that will ensure that it becomes easy for anyone to start using crypto-assets. The exchange is constantly developing practical solutions to make it seamless to perform digital currency transactions. 

They’re also partnering with major sports organizations and making regular updates to their digital wallets so that users are able to access the best crypto services possible. Transparency has also been a focus area for this company because they believe that it is essential when establishing trust and gaining the confidence of consumers.

5) AAX

The developers of the Atomic Asset Exchange (AAX), a cryptocurrency trading platform, is well-known in the industry for being powered by London Stock Exchange Group or LSEG technology, which is notably a part of the London Stock Exchange Group.

Thor Chan, the CEO at AAX, has noted that AAX is establishing a trusted market — which prioritizes transparency, as well as leveraging proven, reliable, scalable technology. They reportedly use the same matching engine at AAX that major regulated markets are using. This is important because fairness and transparency are a must in large financial ecosystems. Chan has explained that their users are able to trade with confidence and assurance, knowing they’re conducting transactions in a clean market.