What is the currency circle? A list of the top ten exchanges in the currency circle

The currency circle is commonly known as the cryptocurrency market, covering the transaction, investment, project development and derivative financial activities of digital currencies such as Bitcoin and Ethereum. This field is based on blockchain technology and has the characteristics of high volatility, globalization, and decentralization, attracting a large number of investors and entrepreneurs to participate. The following is a detailed analysis of the top ten cryptocurrency exchanges in the world in 2025, which is explained in combination with market dynamics, compliance and Chinese policies:

1. Top ten exchanges in the currency circle (comprehensive ranking in 2025)

Based on trading volume, market value, compliance and technological innovation, the leading exchanges will present the following pattern in 2025:

1. Binance
   • Status: The world's largest exchange, with a market share of about 45%, supports more than 600 cryptocurrencies, and an average daily trading volume of over US$100 billion.
   • Advantages: high liquidity, low handling fees (0.1%), and rich product lines (spot, futures, NFT).
   • Compliance: Holding licenses in the EU, Japan, the UAE and other places, but the U.S. business is facing SEC lawsuits.
   • Risk: Malta fined 1.1 million euros for money laundering risks in 2025.
2. OKX (Ou Yi)
   • Status: Asia's second largest exchange with a market share of 13.39%, supporting 1,196 trading pairs.
   • Advantages: Leading in contract trading, resuming DEX services in 2025 and introducing real-time anti-money laundering systems.
   • Compliance: European businesses are facing the risk of license revocation due to the US$100 million money laundering incident in March 2025.
   • Risk: Domestic users need to access special access, and there is a risk of account freezing.
3. Coinbase
   • Status: The largest compliant exchange in the United States, a Nasdaq listed company with a market share of 1.27%.
   • Advantages: It has a friendly user interface, supports direct US dollar deposits and withdrawals, and is favored by institutional investors.
   • Compliance: Strictly comply with US SEC regulations, but was sued for token classification issues in 2025.
   • Restrictions: Domestic users cannot register directly.
4. Bybit
   • Status: Emerging contract exchange, with a market share of 5.07%, and is known for derivatives trading.
   • Advantages: The interface is simple, supports 100 times leverage, and a new Meme currency trading area will be added in 2025.
   • Compliance: Obtained licenses for the UAE and Seychelles, but domestic users have limited access.
5. Huobi Global
   • Status: Asian veteran exchanges, with a market share of 8.82%, and are known for their OTC trading and mining pool businesses.
   • Advantages: Web3 Qianbao will be launched in 2025 to support cross-chain asset management.
   • Risk: Domestic users need to access through overseas nodes, which poses policy risks.
6. Gate.io (Sesame Open Door)
   • Status: Ranked fifth in trading volume, attracting retail investors with low threshold and high leverage trading.
   • Advantages: Supports 2580 cryptocurrencies, with a 24-hour trading volume of over US$3.6 billion.
   • Risk: CoinMarketCap was downgraded by CoinMarketCap in 2025 due to false transaction volume.
7. Kraken
   • Status: European compliance pioneer, market share of 5.12%, leading the cold storage technology industry.
   • Advantages: Institution-level custodial services will be launched in 2025 to support bulk transactions.
   • Compliance: Obtained EU MiCA certification, but domestic users cannot use it directly.
8. Bitget
   • Status: The world's top ten derivatives trading volume, with a market share of 10.72%, featuring order trading.
   • Advantages: In 2025, we will cooperate with the NBA to launch a star-co-branded NFT.
   • Risk: In 2025, users will lose their positions due to downtime, and compensation will exceed US$5 million.
9. MEXC Global
   • Status: One of the fastest growing exchanges, with a market share of 7.8%, with the selling point of the new currency.
   • Advantages: The AI ​​market forecasting tool will be launched in 2025 to attract technical investors.
   • Risk: Service was suspended for 12 hours in 2025 due to server failure.
10. Upbit
    • Status: South Korea's largest exchange with a market share of 0.70%, supporting direct trading of Korean won.
    • Advantages: Integrated with KakaoTalk, users can quickly trade through social software.
    • Compliance: In 2025, it was fined 20 billion won by the Korea Financial Regulatory Authority for market manipulation.

2. Domestic policies and risk warnings

(I) Prohibited by law and technical restrictions

• Policy basis: Ten domestic ministries and commissions have made it clear in 2025 that virtual currency transactions are illegal financial activities, and participation in overseas platforms is also illegal.
• Technical blockade: Official websites and APPs such as OKX, Binance cannot be accessed directly in China, and special bypass restrictions are required, but the use of unauthorized special is illegal.
• Funding risks: Overseas platforms are not protected by domestic laws. OKX was fined US$504 million by the United States for compliance issues in 2025, and user assets may be damaged.

(II) Actual case warning

• UST burst: The algorithmic stablecoin UST collapsed in 2025, with domestic investors losing more than 5 billion yuan. The court made it clear that such transactions are not protected by law.
• USDT Money Laundering Case: Transnational Criminal Groups used USDT to launder $5 billion in money, and domestic participants were held criminally responsible for "assisting money laundering".

3. Legal alternatives

(1) Digital Money (e-)

• Policy support: It has been piloted in 26 provinces and cities across the country, covering retail, government affairs, cross-border payment and other scenarios.
• Technical advantages: Support offline payment and smart contracts, and in 2025, innovative applications such as Shanghai cross-border payment and Zhejiang consumer finance will be added.
• User Guide: Download the "Digital Money APP", and after binding the bank card, you can scan the code to pay with the support merchant.

(II) Compliant blockchain services

• Ant Chain, Tencent Cloud: Provide enterprise-level blockchain solutions to support supply chain finance, government services and other scenarios.
• Zhijin Guard: The digital money prepayment fund supervision platform launched by Shandong Province to ensure the safety of consumer funds.

(III) Domestic financial products

• Bank Wealth Management: Some banks have launched financial products linked to blockchain technology, but they need to pay attention to the risk level.
• Public funds: can be invested in blockchain-themed funds or overseas cryptocurrency ETFs (need to through the QDII channel).

4. Market trends and risks in 2025

(I) Supervision continues to tighten

• International News: EU MiCA Act, US SEC strengthens review, and the living space of unlicensed platforms is compressed.
• Domestic trends: The Ministry of Justice launches research on virtual currency legislation, which may be included in the anti-money laundering regulatory framework in the future.

(II) Technology innovation and risk coexist

• DeFi and CeFi convergence: Exchanges such as OKX and Binance have launched on-chain aggregators, but DEX still faces the risk of money laundering.
• Meme coin boom: The trading volume of tokens such as SHIB and DOGE has surged, but it is easy to be controlled by the dealer, with a volatility exceeding 300% in 2025.

(III) Investment advice

• Compliance priority: Choose licensed exchanges such as Coinbase and Kraken.
• Risk control: diversify investment, avoid leveraged trading, and be wary of capital trading models such as "trading is mining".
• Focus on policy: Digital money pilot expansion may allow blockchain applications in specific scenarios in the future.

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