KuCoin Surges Ahead as Top Exchange for Reserve Transparency

KuCoin has taken the top spot in CryptoQuant's annual Exchange Leader report, outranking larger rivals like Binance and Coinbase. The Seychelles-based exchange earned a proof-of-reserves transparency score of 96.7 out of 100 due to its monthly reserve reports, which allow users to 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 February 6, 2026. In contrast, Binance received a score of 75.2, which reflects its broad wallet disclosures but lacks a full independent audit of its balance sheet. Coinbase ranked far behind at 44.3 due to its lack of comprehensive wallet address mappings and on-chain verification for customer balances.

CryptoQuant's methodology penalizes exchanges that rely on quarterly rather than monthly reporting or lack independent audits covering full balance sheets. The report evaluated exchange performance across trading volume, reserve disclosures, and derivatives activity during 2025. Bybit placed second with a score of 93.2, also backed by regular disclosures and Hacken attestations.