Public-evidence assessment finds 22 of 26 major exchanges show no qualifying evidence across six post-quantum migration criteria
SAN DIEGO, Calif., September 17, 2026
NFT Demon Holdings LLC has published The State of Exchange Quantum-Readiness 2026, a public-evidence survey assessing 26 major cryptocurrency exchanges against six criteria related to post-quantum migration readiness.
According to the survey, 22 of the 26 exchanges, including Binance, OKX, Bybit, Kraken, Gemini and Crypto.com, show no qualifying public evidence across the survey’s six criteria: a published migration plan, named algorithm targets, a dated timeline, a cryptographic inventory, deployed or piloted post-quantum cryptography, or executive commitment to act.
The survey evaluates each exchange using six criteria, with each criterion requiring concrete and attributable public evidence. The criteria include:
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Published migration plan
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Named post-quantum algorithm targets, such as ML-KEM (FIPS 203), ML-DSA (FIPS 204), or SLH-DSA (FIPS 205)
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Dated migration timeline
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Cryptographic key inventory
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Post-quantum cryptography deployed or piloted
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Executive acknowledgment and commitment to action
Among the exchanges assessed, Coinbase and KuCoin tie for the highest observed score at 4/6.
Coinbase’s score includes evidence of program breadth, including its PQ-CoreKMS key-management build and a full company-wide cryptography inventory. KuCoin’s score includes its operation of what the survey identifies as the industry’s only live post-quantum cryptography (PQC) test gateway.
Bithumb follows with a score of 3/6, based on its Aton-partnered full-lifecycle framework. BitMEX scores 1/6 for engaging in Bitcoin’s protocol-level quantum discussion through its “Quantum Canary” proposal.
“The standards have been final for two years, the harvesting of exposed keys has already started, and regulators have begun naming names,” said Jeremy Ryan, founder of NFT Demon Holdings and advisor to quantum-security firms QSAVE and QKey. “Twenty-two of twenty-six exchanges have no public plan. And to the leaders: 3/6 and 4/6 are better than zero, but the technology to reach 6/6 already exists. Not in concept; in practice.”
Ryan added that NFT Demon Holdings has developed a quantum-readiness approach intended to address the requirements identified in the survey.
“NFT Demon Holdings LLC is the only consulting firm I’m aware of that can accomplish 6/6 with no separate blockchain and no per-transaction fees, both of which are non-starters,” Ryan said. “This is particularly dangerous because so many resources are going into solutions built on those non-starters, setting the entire industry further back. It’s also the only solution I know of that offers insurance with protection. For companies holding billions of dollars of other people’s money, there is no longer an excuse to put that at risk.”
Survey Uses a Strict Public-Evidence Standard
The survey is deliberately structured around publicly verifiable evidence. A score of zero means that no public evidence was found, rather than establishing that an exchange has no internal quantum-readiness program.
The complete 26-row scorecard, scoring rubric, methodology and source ledger are available through NFT Demon Holdings’ published survey.
Read the full survey:The State of Exchange Quantum-Readiness 2026
Quantum-Readiness Advisory
NFT Demon Holdings provides quantum-readiness advisory services for cryptocurrency exchanges, custodians, wallet providers, private capital firms, financial institutions and funds. Its services range from key inventory and vendor evaluation to full migration planning.
About NFT Demon Holdings LLC
NFT Demon Holdings LLC is a San Diego consulting and development firm founded in 2022 by Jeremy Ryan, widely known as NFT Demon. The firm provides consulting, advisory and bespoke custom application development in blockchain, artificial intelligence and quantum computing for enterprises, public figures and governments.
Learn more atNFTDemon.com.
Media Contact Details
Jeremy Ryan Founder and CEO NFT Demon Holdings LLC
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Phone: 858-327-1144
Website: nftdemon.com
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