- Binance records the highest average token price gain at 12.67%
- KuCoin praised for volatility management and regulatory milestones
- Bithumb shows strong capital attraction and liquidity strength
Binance, KuCoin, and Bithumb emerged as the top-performing centralized exchanges for new token listings in 2024, according to a report by Klein Labs. The study analyzed how token listings affect liquidity, price trends, and volatility across the industry. The findings reveal that stricter listing criteria and lower token volumes can lead to better outcomes for investors.
Report Analyzes Exchange Performance Post-Listing
Klein Labs released a research 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).
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The findings reveal that exchanges with tighter listing criteria and fewer token additions offered more favorable post-listing environments. These platforms typically see more stable price movements and attract long-term liquidity. In contrast, frequent listings on other exchanges correlated with higher volatility and fragmented capital inflows.
Top Exchanges by Performance: Binance, Bithumb, KuCoin
According to the report, Binance leads the industry with an average token price gain of 12.67% within the first 30 days of listing. It also posted a median volume gain of 8.27%, reflecting consistent investor interest and trading activity.
Bithumb ranks second, showing an average gain of 9.05% and a median of 5.3%. The exchange showed market resilience, drawing in capital with dependable performance and solid liquidity across new listings.
KuCoin rounds out the top three with a 6.82% average post-listing price increase. While its median median price gain was negative, the platform showed strong performance in managing abnormal price swings and suppressing volatility. Despite a relatively high number of token listings, KuCoin avoided the report’s “High Outlier Risk” classification, suggesting effective project screening.
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 Gains Recognition for Strategy and Compliance
Beyond raw performance data, Klein Labs spotlighted KuCoin for its disciplined listing strategy. Unlike some platforms favoring high-frequency token launches, KuCoin balances listing activity with stringent due diligence. This approach allowed it to control token volatility while avoiding overexposure to low-quality projects.
The report also highlights KuCoin’s recent compliance progress. As early as 2023, the exchange had been the first major platform to enforce mandatory Know Your Customer (KYC) verification, which is now an industry-wide practice.
That same year, KuCoin had also registered with India’s Financial Intelligence Unit and secured operational licenses in Poland, Australia, El Salvador, and the Czech Republic.
More recently, KuCoin reached a favorable settlement with U.S. regulators in early 2025. Now, the exchange is pursuing a MiCAR license in Europe and expanding its presence in emerging markets worldwide.
Related: KuCoin Pay Announces Strategic Partnership with Coinpal.io to Boost Cryptocurrency Payment Adoption
KuCoin serves over 40 million users worldwide, with strong user bases in Southeast Asia, South America, and other emerging regions. Its product suite includes KuCoin Token (KCS), Launchpad, Krazy Degen Rankings, and KuCoin Earn. These tools contribute to user engagement and platform sustainability.
Changes in Token Listings
Ultimately, the Klein Labs report shows how centralized exchanges adapted to changing market conditions in 2024. In a bullish climate, top-tier exchanges like Binance, Bithumb, and KuCoin benefit from deep liquidity and stronger long-term support for new projects.
While mid-sized exchanges occasionally show higher volatility during that period, they still demonstrate potential under specific metrics. The study emphasizes the importance of listing discipline, capital protection, and regulatory compliance in shaping the success of tokens post-TGE.
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