KuCoin Surpasses Binance in Crypto Reserve Transparency Ranking
KuCoin has emerged as the top-performing cryptocurrency exchange in terms of reserve transparency, surpassing larger rivals like Binance and Coinbase in a key metric that has become crucial for exchange solvency since the collapse of FTX.
CryptoQuant's annual Exchange Leader report evaluated exchange performance across trading volume, reserve disclosures, and derivatives activity during 2025. KuCoin earned its top score of 96.7 out of 100 through a monthly proof-of-reserves framework that allows users to verify balances via Merkle-tree inclusion tools, published wallet addresses, and third-party attestations from security firm Hacken.
The Seychelles-based exchange has issued over 39 consecutive monthly reserve reports, with the most recent dated February 6, 2026. All publicly disclosed reserve ratios exceeded 100%. Bybit placed second with a score of 93.2, also backed by regular disclosures and Hacken attestations.
Binance received 75.2, reflecting broad wallet disclosures but no full independent audit of its entire balance sheet. Coinbase ranked far behind at 44.3, largely due to its lack of comprehensive wallet address mappings or on-chain verification for customer balances.