Exchanges' Proof of Reserves Reporting Frequencies Vary Widely

Major cryptocurrency exchanges have varying reporting frequencies for proof of reserves, a snapshot showing that an exchange holds on-chain assets covering a stated share of customer balances. While some exchanges report monthly, others do it quarterly or skip proof-of-reserves altogether in favor of audited financials.

Bitget is one example of an exchange that reports its proof of reserves every month since December 2022. OKX and Bybit also report their proof of reserves on a monthly basis, both verified by security firm Hacken. In contrast, Binance publishes its proof of reserves quarterly.

Kraken's proof of reserves is conducted by an independent firm, but the reporting frequency is quarterly. Interestingly, Coinbase does not have a proof-of-reserves program at all and instead discloses audited quarterly and annual financial statements covering both assets and liabilities.