“最佳机构级交易基础设施”是 BeInCrypto 百强机构榜的评选类别之一。该年度榜单基于调研，从 26 个奖项与六大评选维度出发，表彰数字资产行业在机构端的卓越表现。
本奖项隶属于“第二大支柱：资本市场与基础设施”板块。下述 15 家企业按照英文名称首字母排序，不代表排名先后。最终入围名单将于 2026 年 5 月公布，获奖结果则将在 2026 年 6 月 2–3 日，于巴黎举办的 Proof of Talk 峰会现场揭晓。
关键信息
- 初选名单：涵盖 15 家机构，包括 OMS/EMS 交易平台、主经纪商、OTC 场外交易、做市商、受监管交易场所、场外结算平台及交易所相关的机构级产品服务
- 筛选范围：共计遴选超 30 家企业，最终 15 家进入初选名单
- 排序方式：名单按字母顺序排列，无排名先后
- 评分细则：量化数据占 30%，专家评审团占 50%，公司公开披露数据占 20%
- 评审标准：客户基数与成交量、场所互联、执行效率、产品丰富度、合规资质、结算框架、机构声誉、创新能力等
- 数据来源：FCA、NYDFS、FINMA、BaFin、MAS、SFC、MiCA-CASP 注册信息，审计报告，发行方披露，合作公告，KBRA/Kroll、PitchBook、Tracxn 及 Crunchbase 等数据平台
| Firm | Trading Infra Sub-Segment | HQ | Reach | Top Licensure / Platform | Representative Work |
|---|---|---|---|---|---|
| B2C2 | Institutional OTC and algorithmic execution | London, UK | SBI Holdings majority-owned Offices in London, New York, Tokyo, Singapore | FCA, NYDFS BitLicense, Luxembourg VA EU MiFID framework | 24/7 OTC across spot, derivatives, and structured products Launched Solana stablecoin settlement infrastructure |
| Binance Institutional | Exchange-affiliated institutional surface | Dubai, UAE | Largest crypto exchange by global volume SAFU reserves above $1B | VARA Dubai licence Multi-jurisdiction VASP footprint | OTC desk, broker program, custody integrations, and liquidity programs Institutional surface assessed; retail exchange core excluded |
| Bitget | Exchange-affiliated institutional surface | Seychelles | 120M+ users at parent level Global exchange and broker ecosystem | Multi-jurisdiction VASP footprint Bitget PRO institutional surface | Universal Exchange framework across spot, derivatives, and tokenized TradFi Institutional surface assessed; retail exchange core excluded |
| Boerse Stuttgart Digital | European regulated exchange infrastructure | Stuttgart, Germany | Parent group is a major European retail exchange operator Institutional custody and trading infrastructure | BaFin and MiCAR-CASP authorised BSDEX and institutional custody stack | Combines regulated German trading venue and custody infrastructure Serves institutional access through Boerse Stuttgart Digital Custody |
| Cumberland (DRW) | TradFi prop firm crypto desk | Chicago, USA | Combines a regulated German trading venue and custody infrastructure Serves institutional access through Boerse Stuttgart Digital Custody | TradFi-regulated proprietary trading firm Institutional crypto OTC desk | Provides institutional crypto OTC and market-making services Extends DRW’s trading infrastructure into digital assets |
| FalconX | Full-stack institutional prime broker | San Mateo, CA, USA | $2T+ cumulative trading volume 2,000+ institutional clients | Multi-jurisdiction regulatory footprint EMS, OMS, credit, and clearing platform | Acquired 21Shares, closed Nov 2025 Builds trading, credit, clearing, and asset-management access under one roof |
| KuCoin Institutional | Exchange-affiliated institutional surface | Providenciales, Turks and Caicos | 40M+ users at parent level 1,000+ broker and fintech partners | AUSTRAC registration MiCAR-CASP via KuCoin EU | OES integrations with BitGo, Cactus, and Ceffu MirrorX Institutional surface assessed; retail exchange core excluded |
| LMAX Digital | Institutional-only matched venue | London, UK | Sub-millisecond latency LD4 and NY4 co-location | FCA-regulated venue FIX 4.4 connectivity | Institutional-only central limit order book Part of LMAX Group’s multi-asset venue infrastructure |
| Nonco | FX-style bilateral institutional crypto | Mexico City, Mexico | $5B+ monthly trading volume Founded in 2023 | Multi-jurisdiction operating footprint Bilateral streaming liquidity model | FX On-Chain protocol launched on Avalanche Settled derivatives transaction using FOBXX/BENJI |
| OSL Digital | Asia institutional platform | Hong Kong | OSL Group listed on HKEX Core operating income up 150% in 2025 | Hong Kong SFC licence Institutional trading and custody platform | Completed Banxa take-private in Jan 2026 Combines block OTC liquidity with segregated custody |
| Ripple Prime | Multi-asset prime broker | New York, USA | 300+ institutional clients $3T annual clearing pre-acquisition | SEC broker-dealer and CFTC FCM FINRA, SIPC, CME, and FICC member | Acquired by Ripple for $1.25B, closed Oct 2025 Received KBRA BBB investment-grade rating in Apr 2026 |
| Talos | Institutional EMS, OMS, and SOR | New York, USA | 60 connected venues Asset managers representing $21T AUM | Institutional technology platform Execution, routing, and portfolio infrastructure | DRW was founded in 1992 Multi-asset institutional trading coverage |
| Taurus Group | Swiss institutional infrastructure | Geneva, Switzerland | Multi-bank European client base Backed by major financial institutions | FINMA-licensed SOC 2 Type II and ISO 27001 | T-PROTECT custody, T-DX exchange, and T-VENTURE issuance Series B led by Credit Suisse, now UBS |
| Virtu Financial (Crypto) | TradFi market maker extending to crypto | New York, USA | NASDAQ: VIRT Major global electronic market maker | SEC, FINRA, and multi-jurisdiction TradFi licences Crypto desk extension | Applies TradFi execution technology to digital assets Operates across equities, FX, fixed income, and crypto |
| Wintermute | Market maker and institutional OTC platform | London, UK | FCA-affiliated group structure Wintermute Asia is regulated separately | FCA-affiliated group structure Wintermute Asia regulated separately | NODE institutional trading platform Added tokenized gold OTC trading and crude oil CFDs |
关于本榜单
BeInCrypto Institutional 100 —— 机构级交易基础设施评选（2026 长名单），旨在遴选为机构客户提供数字资产市场交易基础设施的卓越企业。评选范围涵盖订单管理、执行管理、智能订单路由、交易成本分析、风险管理、结算、主经纪商服务、OTC 流动性、以及场外结算等细分领域。
覆盖主体包括专业基础设施公司、多资产主经纪商、主流机构做市商、受监管的欧洲与亚太市场，以及交易所旗下的机构端产品平台。不包含纯零售交易所的现货与衍生品平台。在币安机构、KuCoin 机构、Bitget 的评审中，仅聚焦其机构专属业务，如 OTC 交易、券商合作计划、OES、托管集成以及 RWA 抵押框架。
评选方法论
本榜单采用 BeInCrypto Institutional 100 Track B 评选体系：量化指标占比 30%，专家评审团打分占比 50%，公司自披露数据占比 20%。
评分体系涵盖八大核心维度：客户基础与交易量、接入能力、执行质量、产品广度、合规牌照、风险及结算框架、机构声誉、创新信号等方面。
公司自披露数据权重较高，反映出机构客户数、OMS/EMS 交易量、主经纪业务流量、平台接入深度等信息在行业中的公开透明度有限。由提名企业自行提交的详细数据，为专家评审团评估相对隐性的基础设施表现提供了可验证的补充依据。
数据核查渠道包括监管机构注册信息、审计报告、发行方公开披露、官方合作声明、第三方评级机构（如 KBRA、Kroll）的相关评级，以及 PitchBook、Tracxn、Crunchbase 等私有市场数据库。
