Independent exchange research

A clearer view of
crypto exchanges.

Cexref examines how cryptocurrency exchanges describe their custody, compliance and transparency practices, and what that information means for readers. Our focus is on explaining the substance behind a claim.

Explore the research How we assess exchanges

Published research

A focused starting point.

Cexref began with a single exchange study. The current collection remains small: one consolidated review, supported by an explanation of our approach and editorial policies.

Exchange review · Updated September 2026

Anmrex: security, compliance
and transparency

A public-information assessment of the platform’s approach to custody, identity checks and asset protection, with a clear distinction between documented practices and operational assurance.

Read the Anmrex review

Inside the review

  • Custody and account security
  • Registration and compliance context
  • Reserve disclosures and audit scope
  • Our assessment and its limits

An editorial review, not an exchange listing or a paid placement.

Our perspective

Three questions behind every assessment.

01 · Evidence

What supports the claim?

A public record, a platform description and an editorial interpretation serve different purposes. We explain which kind of information a conclusion rests on.

02 · Scope

What does it actually cover?

A registration concerns a particular entity and activity. A technical control addresses a particular risk. Neither should be stretched into a blanket endorsement.

03 · Relevance

Why does it matter?

Useful research connects security, transparency and account conditions to the decisions a reader needs to make, rather than simply repeating a feature list.

About this publication

Independent in purpose.
Specific in what we assess.

Cexref is an editorial website, not a trading platform. Our site explains our work; individual reviews contain the platform-specific analysis. Positive findings are welcome when their basis and limits are clear.

About CexrefReader questions