KuCoin Dominates in Proof-of-Reserves Transparency Ranking

KuCoin has topped major cryptocurrency exchanges in CryptoQuant's annual Exchange Leader report, earning a proof-of-reserves transparency score of 96.7 out of 100.

The Seychelles-based exchange outranked larger rivals including Binance and Coinbase through its monthly proof-of-reserves framework, which lets users verify balances via Merkle-tree inclusion tools, published wallet addresses, and third-party attestations from security firm Hacken.

KuCoin has issued more than 39 consecutive monthly reserve reports, with the most recent dated Feb. 6, 2026. All publicly disclosed reserve ratios exceeded 100%.

Binance received a lower score of 75.2, reflecting broad wallet disclosures but no full independent audit of its entire balance sheet. Coinbase ranked far behind at 44.3, largely because it does not publish comprehensive wallet address mappings or offer on-chain verification for customer balances.

The report also found that derivatives trading now dominates most major platforms, with MEXC, Bybit, Bitget, Binance, Gate, and Coinbase generating 70% to 90% of their volume from perpetual futures contracts. Binance remained the largest exchange by volume, processing roughly $32.4 Trillion in annual trading during 2025.