Coinbase, one of the most pop platforms in the United States, missed out on the number i spot in a ranking of crypto exchanges due to a 2022 Bitcoin (BTC) price glitch.

The major U.Due south. crypto commutation and wallet service did non become to the top of the latest CryptoCompare'southward crypto Exchange Benchmark rankings considering its institutional trading arm Coinbase Pro experienced a major Bitcoin price flash crash in October 2022.

CryptoCompare confirmed to Cointelegraph that the glitch was the primary reason behind the five-point drop for Coinbase in the "Negative Reports" section of rankings. "Coinbase would exist top without this issue, and in fact topped our rankings last year in June, earlier this result," the business firm noted.

Every bit reported, Coinbase Pro experienced a organization glitch that caused the deletion of some stop-loss orders earlier Bitcoin's sharp driblet from $nine,260 to $9,055 on Oct. 31. That wasn't the first time when Coinbase experienced a flash crash though. Back in 2022, the Commodity Futures Trading Committee was investigating Coinbase over an Ether (ETH) flash crash that occurred on its GDAX exchange. The GDAX glitch caused Ether to drop to merely x cents from $317 in milliseconds before speedily recovering.

Another U.S.-based exchange ItBit gets the top rank

On Feb. 12, British crypto analytics firm CryptoCompare updated its crypto exchange rankings, releasing an accompanying report covering Q4 2022. The number of analyzed crypto exchanges on the online ranking amounts to 159 platforms at press time.

Equally previously reported, CryptoCompare's rankings do non rely on amass volume data of exchanges merely rather represents the firm'south proprietary run a risk-based method of ranking.

As such, New York-based ItBit, currently the 20th-largest crypto commutation past 24-hr volume, is now the elevation platform of the new Exchange Benchmark, while Winklevoss' Gemini exchange slipped to second place since the previous ranking release.

In guild, the top 10 crypto exchanges in CryptoCompare's third Substitution Benchmark are: ItBit, Gemini, Coinbase, Kraken, Bitstamp, Liquid, Bitfinex, OKEx, bitFlyer and OKCoin.

The new tiptop 10 list included only i newcomer, OKCoin, which was allegedly acquired by Poloniex's difference from the U.Due south. market in October 2022. Poloniex as well saw a decline in their market quality score, CryptoCompare said in an email to Cointelegraph.

Top 10 crypto exchanges in CryptoCompare Exchange Benchmark Q4 2022

Elevation 10 crypto exchanges in CryptoCompare Commutation Benchmark Q4 2022. Source: CryptoCompare

Only xvi% of crypto exchanges concur the majority of funds on cold storage

CryptoCompare launched its Substitution Benchmark in June 2022 in response to a study that claimed that 95% of volume on unregulated exchanges is fake. The analysis besides aimed to warn crypto users nearly the level of hazard beyond the industry, providing an overview of crypto exchanges based on 8 major ranking components including regulation, security and market quality.

According to the latest Exchange Benchmark written report, just 16% of analyzed crypto exchanges concord more 95% of their crypto funds on cold storage, while just 4% of exchanges formally offer some form of crypto insurance. Additionally, crypto exchanges that are located in the U.S., Luxembourg, Japan and South korea are amidst those associated with the everyman level of take a chance, co-ordinate to CryptoCompare.