Trusted Exchange Framework

The documentation supporting this framework can be found via the link below.


The Coin Metrics’ Trusted Exchange Framework thus aims to quantitatively assess exchanges to promote transparency, innovation, and trust for the industry and its users. The common usage patterns for an exchange are translated to criteria that define the fundamental properties of exchange trustworthiness: transparency, resilience & security, data quality, regulatory compliance, and API quality. The criteria sources public information about an exchange such as incident history, financial statements, and license disclosure as well as market activity that can be derived from exchange data.

Change Log

  • Version 2.1.1 on March 6, 2024: Added a new rule to remove a failed exchanges ahead of an the next official TEF release 3 months after trading ceases.

  • Version 2.1 on October 31, 2023: Revamped Transparency, Resilience & Security, Regulatory scores; add grading scale, add rate limiting score

  • Version 2.0 on March 1, 2023: Trusted Exchange Framework V2.0 released

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