Top 10 Crypto Exchanges in 2024

Clients trade billions daily at these leading cryptocurrency exchanges worldwide. However, their fast-growing popularity would be endangered if not for their powerful legal backdrop.

We chose ten of the most prominent trading platforms and studied the main reasons for their huge presence on the international market.

Binance

The pathfinder of crypto exchange, Binance owns multiple licenses in almost every corner of the world. It is registered as a Digital Asset Service Provider (DASP) in France, which gives the right for the custody of digital assets, purchase, sale, exchange of digital assets, and operation of a trading platform. Binance holds a DASP authorization in Italy, VASP registrations in Lithuania, Spain, and Poland, as well as a registration of a Financial Institution in Sweden. In addition, the company has several licenses in Latin America, Africa, the Middle East, and Asia-Pacific.

Coinbase

Coinbase, a crypto exchange that has been topping popularity charts in 2024, is a predominantly American platform. It has obtained Money Transmission licenses in 44 states of the USA such as the New York BitLicense, as well as a Puerto Rico Money Transmitter License in Puerto Rico.

Kraken

Kraken is a crypto exchange platform that supports margin, futures, and OTC trading across over 100 cryptocurrencies. The company is registered in various jurisdictions, including North America, Canada, Europe, APAC, and the Middle East. Apart from operating as a Registered Cryptoasset Firm in the United Kingdom, Kraken holds VASP authorizations in Italy, Spain, and Ireland.

Bitstamp

The EU presence of Bitstamp, a primarily American crypto exchange, is hard to overestimate. Bitstamp obtained its first European license with the Luxembourg Trade and Companies Register and later expanded to markets in the Netherlands, France, Spain, and Italy.

CEX.io

CEX.io has secured registration as a Virtual Asset Service Provider (VASP) and depository virtual currency wallet operator in Lithuania. This registration allowed the company to bring its services to the European market in a legally compliant way.

Gemini

Gemini is an American CEX registered as a Money Transmitter in 40 states of the US. The company’s European presence is impressive as well: Gemini holds VASP registrations in the UK and Ireland, a Virtual Currency Operator license in Italy, and licenses of a Custodial Wallet Provider and Exchange Service Provider in Greece.

UPbit

UPbit is the biggest cryptocurrency exchange that originated and is based in South Korea. The company operates in 331 markets and supports 201 digital currencies. UPbit secured a prestigious registration as a Major Payment Institution (MPI) in Singapore in early 2024, which further expanded UPbit’s presence in the Southeast-Asian market.

OKX

OKX is a huge crypto exchange present in over 100 countries around the globe. The company is registered in Malta and holds a license from the Malta Financial Services Authority. In early 2024, OKX also obtained a VASP license in Dubai, now holding even firmer grounds in the Middle East.

Bybit

Bybit is a multifunctional CEX that offers access to 100+ digital assets, crypto derivatives, launchpads, and NFTs, to name a few. A prominent licensing milestone in the company’s book was securing a cryptocurrency exchange license from the CySEC in Cyprus in 2023, which allowed for trading crypto and fiat pairs and providing custody services to clients.

Gate.io

Gate.io is a Chinese centralized exchange with one of the leading daily trading volumes. The company was authorized as a VASP in Italy in 2023, which allowed it to provide cryptocurrency trading services and digital wallet services in the country, advancing its growth in the European market.

How to start a crypto exchange?

Undoubtedly, opening a crypto exchange comes with many legal implications and nuances. At the same time, by forming and registering your startup in a legally compliant way, you can ensure its trustability in the eyes of clients and partners. The business model and financial structure of your company will determine the need for licensing.

If you intend to launch a legal and authorized crypto exchange, we encourage you to contact the professionals at LegalBison. Our lawyers will undertake your project, analyze it from different legal perspectives, and prepare it for stepping into the market.