Crypto Exchanges Profit from Ease but Fail to Provide Transparency

A recent survey by Consumer Reports found that 20% of Americans have either owned or own cryptocurrency, with 49% of those investors using a crypto exchange as their primary way to buy and sell.

The survey also revealed that transaction volume in the U.S. exceeded $1 trillion in the first half of 2025, according to blockchain analysis firm TRM Labs.

Consumer Reports evaluated five large cryptocurrency exchanges - Binance.US, Coinbase, Crypto.com, Gemini, and Kraken - using their Fair Digital Finance Framework. The framework prioritizes consumer safety, privacy, transparency, user-centricity, inclusivity, support for financial well-being, and environmental and social governance.

The review found that while the exchanges made buying and selling easy, they often lacked transparency around pricing and risks. Legal disclosures on these topics were buried in dense text, making it difficult for users to understand the information.