Interesting dynamics emerged from our Q1 2026 Exchange Ranking. Beyond the top movements, one insight stood out: governance is now the defining characteristic separating leading exchanges from the rest. Top-tier exchanges average a governance score of 73 vs. 47 across the market. A 20-point gap that reflects a clear shift. Our chart shows the exchanges sustaining top 10 positions are those with the strongest governance frameworks. With MiCA and intensifying regulatory scrutiny, governance has become a competitive necessity in 2026.