CryptoCompare, a cryptocurrency data provider, publishes exchange data reports. Lianwen is organized as follows: 1. Among the over 165 spot exchanges it contains, a total of 68 exchanges are rated B or above, which can be classified as top-level exchanges (AA-B level). 2. In June, 46% of the trading volume of all exchanges came from top exchanges; 3. In the past few quarters, the market share of top exchanges has continued to grow, while the exchanges of lower-level exchanges (CE-level) The share it takes is constantly decreasing. The specific performance is that in Q4 of 2019, Q1 and Q2 of 2020, the trading volume of top exchanges accounted for 32%, 36% and 40% respectively. 4. In terms of regulation, 8% of exchanges have not publicly disclosed legal entities related to their exchanges, 30% of exchanges are registered as MSBs or have crypto exchange licenses, and only 5% of exchanges officially provide some form of Cryptocurrency chains have noticed that CryptoCompare divides the rating of the exchange into indicators by measuring the security, team, market quality (including transaction cost, liquidity, market stability, etc.) of the crypto exchange, and the quality/diversity of online assets. AA, A, BB, B, C, D, E, F (from high to low), among which, B and B above are top exchanges.