CoinUp 2025 Report: Second-Tier Exchange Rise

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Jan 9, 2026

CoinUp's 2025 report reveals explosive growth, zero security incidents, and major compliance wins for second-tier exchanges. But can they truly challenge the giants in 2026? The details might surprise you...

Financial market analysis from 09/01/2026. Market conditions may have changed since publication.

The crypto landscape in early 2026 feels electric, doesn’t it? Just when many thought the industry had settled into a predictable rhythm dominated by a handful of giants, a wave of ambitious second-tier platforms started turning heads. These exchanges aren’t chasing headlines with outrageous promises; instead, they’re quietly stacking wins through solid execution, tighter security, and genuine steps toward regulatory maturity. It’s refreshing to see growth that feels sustainable rather than speculative. One such platform recently shared its full-year performance overview, painting a picture of steady progress that might just signal broader shifts in how mid-tier players are catching up.

The Quiet Rise of Ambitious Crypto Platforms in 2025

Picture this: while the spotlight often lingers on the biggest names, a growing number of emerging exchanges have been methodically building their foundations. In 2025, these second-tier platforms demonstrated that disciplined strategy—focusing on user trust, compliance, and consistent innovation—can deliver impressive results without relying on hype. This approach seems to resonate in a market that’s increasingly wary of flash-in-the-pan projects.

I’ve always believed that true longevity in crypto comes from prioritizing fundamentals over short-term buzz. The numbers from last year back this up for several platforms: massive user expansion, robust trading activity, and zero major security breaches over multiple years. It’s the kind of track record that makes you sit up and pay attention.

Explosive User and Volume Growth Amid Market Volatility

One of the standout stories from 2025 was the sheer scale of user adoption achieved by these rising exchanges. Crossing the 10 million registered users mark across more than 200 countries isn’t trivial—especially when you consider the intense competition and regulatory headwinds. Daily trading volumes hitting peaks of several billion dollars, with averages comfortably in the multi-billion range, speak to real demand.

What I find particularly impressive is how derivatives trading became the dominant force, often accounting for over 80% of total activity. This isn’t accidental; it’s the result of thoughtful product development that caters to both retail enthusiasts and more experienced traders seeking leverage and advanced tools.

  • Support for hundreds of spot trading pairs, providing variety without overwhelming users.
  • Over a hundred derivatives markets, offering flexibility in volatile conditions.
  • Consistent capital inflows, signaling ongoing confidence from the community.

These metrics highlight a platform that’s not just surviving market cycles but thriving through them. In my view, this kind of organic growth is far more sustainable than anything fueled purely by incentives or temporary trends.

Security and Proof of Reserves: Building Real Trust

Security remains the non-negotiable cornerstone of any credible exchange, and 2025 saw several platforms double down here. Maintaining full reserves with independent audits—achieving 100% Proof of Reserves certification—stands out as a major win. Add to that multiple years without significant incidents, and you have a foundation that inspires confidence rather than skepticism.

In an industry still scarred by past failures, consistent transparency around reserves isn’t just nice—it’s essential for long-term survival.

– A seasoned crypto observer

Platforms that treat security as a core value rather than an afterthought are the ones attracting serious users. It’s simple: when people know their assets are genuinely safeguarded, they’re more likely to trade actively and hold long-term.

Navigating the Regulatory Landscape with Purpose

Perhaps the most compelling part of last year’s progress was the deliberate push toward compliance. Completing key filings with major regulators, securing licenses in multiple jurisdictions, and passing thorough reviews—these aren’t minor checkboxes. They represent a strategic choice to operate in a more mature, institution-friendly way.

While some exchanges chase loopholes, others are embracing oversight as a competitive advantage. The result? Stronger credibility with both retail traders and potential institutional partners. In a year when global regulators continued tightening standards, this forward-thinking stance paid dividends.

From my perspective, we’re witnessing a clear divide: platforms that view regulation as a hurdle versus those that see it as a moat. The latter group is positioning itself for the next phase of crypto’s evolution.

Product Innovation: Steady Improvements Over Flashy Hype

Instead of bombarding users with endless promotions, forward-leaning exchanges focused on monthly enhancements. Features like higher leverage options, advanced copy trading, leaderboards, and refined user interfaces made trading smoother and more efficient.

  1. Integration of AI-driven tools directly into charting interfaces for real-time insights.
  2. Smart recommendations for leverage and risk management.
  3. Automated bots that help beginners execute strategies safely.

These updates feel thoughtful rather than rushed—designed to genuinely improve the experience over time. It’s a reminder that small, consistent improvements often outpace dramatic overhauls.

Venturing into On-Chain Territory with Custom Ecosystems

A particularly bold move in 2025 was the launch of proprietary blockchains by some mid-tier players. These high-performance, EVM-compatible chains—capable of thousands of transactions per second with near-instant confirmations—bridge centralized efficiency with decentralized possibilities.

The native token powering these ecosystems serves multiple roles: fee discounts, governance rights, staking rewards, and access to exclusive features. While prices fluctuated (as expected in crypto), the multi-utility design and built-in mechanisms like buybacks position them for sustained relevance.

What excites me most is the potential for true integration between CeFi and DeFi. Users can enjoy the familiarity of a centralized interface while tapping into on-chain opportunities—all under one roof. That’s the kind of seamless experience the industry has been promising for years.

Crafting a Distinct Brand Identity in a Crowded Space

Beyond the tech and numbers, successful platforms invested heavily in brand storytelling. Concepts like “safe havens” in crypto—symbolizing security, professionalism, and approachability—helped humanize the experience. Playful mascots, major event appearances, and immersive activations turned abstract visions into something tangible.

Global outreach through conferences, billboards, and regional hubs reinforced this message. It’s smart marketing: make users feel secure and welcomed rather than just another number on a trading dashboard.

What Lies Ahead: Expansion and Multi-Asset Ambitions

Looking into 2026, the roadmap for these ambitious exchanges includes multi-asset trading—think forex, commodities, indices, and even tokenized stocks. Geographic expansion into high-growth regions, additional licenses, and continued investment in security and community feel like natural next steps.

The path won’t be without challenges—regulatory landscapes evolve, competition intensifies, and market sentiment swings—but the groundwork laid in 2025 provides a strong base. Platforms that stay committed to transparency, innovation, and user-first principles seem best positioned to thrive.

In the end, the rise of these second-tier exchanges reminds us that crypto’s future isn’t just about size—it’s about substance. When execution meets vision, even underdogs can reshape the game. And honestly? That’s one of the things that keeps this space so endlessly fascinating.


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The easiest way to add wealth is to reduce your outflows. Reduce the things you buy.
— Robert Kiyosaki
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Steven Soarez passionately shares his financial expertise to help everyone better understand and master investing. Contact us for collaboration opportunities or sponsored article inquiries.

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