The cryptocurrency trading market is thriving, yet it's exchanges with less than stellar reputations for regulatory compliance and data security that are still getting the lion’s share of trades.

That’s according to cryptocurrency data firm CryptoCompare, which today released its July 2019 Exchange Review. The report provides crypto enthusiasts with the latest developments in the crypto trading industry, which includes some alarming data regarding the market’s reliance on what CryptoCompare considers “low-quality” exchanges.

While some of the industry’s most trustworthy exchanges, such as Coinbase and Poloniex, experienced significant gains in overall market share in the last month, smaller and less-reliable exchanges still hold a dominant presence in the market, according to the report. All in all, more than 60 percent of all the trading volume across the market is conducted on low-quality cryptocurrency exchanges that earned either “D” or “F” ratings from CryptoCompare. 

For example, the San Francisco-based Coinbase—which earned CryptoCompare’s highest rating of “AA”—saw significantly less trading volume than a platform like LBank, which has garnered a low-ranking “D” grade from the firm. LBank sees daily trades that are, on average, about 15 times larger than those that occur on Coinbase, according to CryptoCompare.

The firm’s rankings are based on metrics that include an exchange’s geographic location, legal and regulatory compliance, team and company quality, and data provision quality.

“Our latest exchange review continues to underscore the need for reliable data on the fast-growing digital asset class,” said Charles Hayter, CEO and cofounder of CryptoCompare, in a statement. Hayter added that new features to the firm’s analysis include “the tracking of changes in trusted exchange volumes as well as analysis of trade data in relation to trusted exchanges.” 

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CryptoCompare aggregates and analyzes trade data from leading financial institutions across the globe and aims to provide its customers with information that better informs their investing decisions. It also monitors data from social media pages, order books and blockchain networks to arrive at its results. In all, Crypto Compare offers detailed information regarding nearly 6,000 coins and over 250,000 trading pairs.

Other key highlights of the company’s July report include details surrounding BitMEX, which is currently under investigation by the Commodity Futures Trading Commission (CFTC). While news of the probe ultimately led to customers removing more than $73 million in funds from the exchange, daily trading volumes on BitMEX have largely remained the same.

BitMEX, incidentally, is curiously left off of CryptoCompare’s ranking chart. Bitfinex, which is currently going through its own set of legal troubles, earned a B from the firm.