KuCoin Surpasses Binance in CryptoQuant Exchange Transparency Ranking

KuCoin has taken the top spot in CryptoQuant's Exchange Leader report for its proof-of-reserves transparency score, outranking larger rivals including Binance and Coinbase. The Seychelles-based exchange earned a score of 96.7 out of 100 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 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 because it does not publish comprehensive wallet address mappings or offer on-chain verification for customer balances.

The report's findings come as proof-of-reserves has shifted from an optional disclosure to what many traders consider a baseline requirement. The gap between KuCoin's 96.7 and Coinbase's 44.3 illustrates how unevenly the industry has adopted reserve verification standards, even among platforms with billions of dollars in customer deposits.