Binance, KuCoin, and Bithumb Emerge as the Top-Performing Centralized Exchanges for New Token Listings in 2024

The study analyzed how token listings affect liquidity, price trends, and volatility across the industry.

According to a new report by Klein Labs, Binance, KuCoin, and Bithumb emerged as the top-performing centralized exchanges for new token listings in 2024. The study analyzed how token listings affect liquidity, price trends, and volatility across the industry.

The findings highlight a preference for exchanges with stricter listing criteria and lower token volumes, leading to better investor outcomes. As institutions increasingly participate in crypto markets, exchanges are adapting by focusing on legal, compliant, and sustainable practices.

Klein Labs unveiled its research findings in a report titled "The Truth About Liquidity: A 2024 Study on the Token Listing Effect on Centralized Exchanges (CEXs)." The study examined tokens listed from January 2024 onward. It focused on price changes, liquidity patterns, and trading volume in the first 30 days after a Token Generation Event (TGE).

The report's analysis aimed to quantify the impact of listing activity on the performance and survivability of new tokens. It also explored how liquidity flowed across exchanges post-listing, noting the implications for institutions engaging in arbitrage and capital deployment.

Charting the Impact of Listing Frequency

The Klein Labs report provides a unique snapshot of the competitive landscape among major exchanges. It assessed the performance of platforms based on average and median price change within the first 30 days of listing. The analysis also encompassed the variance in trading volumes during that period.

The findings indicate that exchanges with tighter listing criteria and fewer token additions enjoyed more favorable post-listing environments. These platforms typically saw more stable price movements and managed to attract and retain long-term liquidity.

In contrast, exchanges that engaged in frequent listings observed higher volatility and noted more fragmented capital inflows. This suggests that high volumes of new tokens led to rapid price fluctuations as investors cycled through different investment opportunities.

The report's findings are summarized in the table below, ranking the exchanges by the average price change of newly listed tokens within the first 30 days. It's important to note that the analysis began in January 2024, and the performance figures might vary depending on the time period and specific tokens examined.

Among the top exchanges, Binance achieved an average token price gain of 12.67% within the first 30 days of listing, with a median volume gain of 8.27%. This indicates consistent investor interest and trading activity in newly listed tokens.

Bithumb followed closely with an average gain of 9.05% and a median of 5.3%. The exchange showed resilience in drawing in capital and managing to retain it, leading to dependable performance and solid liquidity across new listings.

KuCoin rounded out the top three with a 6.82% average post-listing price increase. While its median price gain was negative, the platform showed strength in minimizing abnormal price swings and suppressing volatility. Despite a relatively high number of token listings, KuCoin did not fall into the "High Outlier Risk" classification, suggesting effectiveness in project screening and selecting projects that performed well.

Other exchanges in the top ten included OKX, Gate.io, and Upbit, but with notably lower performance. Major U.S. exchanges like Kraken and Coinbase showed negative average and median performance figures, highlighting a divergence in market listing outcomes.

KuCoin's Disciplined Strategy and Compliance Progress

Beyond the performance data, Klein Labs highlighted KuCoin for its disciplined listing strategy. Unlike some platforms that favored high-frequency token launches, KuCoin balanced its listing activity while performing stringent due diligence. This approach enabled it to maintain control over token volatility and avoid overexposure to low-quality projects.

The report also touched upon KuCoin's recent progress in compliance and regulatory engagement. As early as 2023, the exchange was among the first major platforms to mandate Know Your Customer (KYC) verification for users, which is now a common practice in the industry.

In the same year, KuCoin registered with India's Financial Intelligence Unit and secured operational licenses in Poland, Australia, El Salvador, and the Czech Republic. These efforts highlight the exchange's initiative in expanding into key geographic markets and adhering to local regulations.

More recently, in early 2025, KuCoin reached a favorable settlement with U.S. regulators concerning its activities and offerings in the U.S. Currently, the exchange is pursuing a MiCAR license in Europe and expanding its presence in emerging markets with a new office opening in Vietnam.

KuCoin is a global cryptocurrency exchange with over 40 million users globally. It is especially popular in Southeast Asia, South America, and other emerging regions. The exchange's products and services include KuCoin Token (KCS), Launchpad, Krazy Degen Rankings for highlighting interesting projects, and KuCoin Earn for yield-generating opportunities. These products contribute to user engagement and the platform's sustainability in the long term.

The Importance of Listing Discipline and Capital Protection

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