CryptoQuant Names the Most Transparent Exchange for Reserves

The report ranked exchanges by reserves, buying and selling exercise, and transparency, with KuCoin scoring 96.7 out of 100.

KuCoin has acquired the very best proof-of-reserves (PoR) transparency rating amongst main crypto exchanges, in line with CryptoQuant’s newest annual Change Chief report.

The findings positioned the Seychelles-based buying and selling platform forward of a number of bigger rivals in a class that many merchants view as central to assessing alternate solvency.

Report Ranks Exchanges on Reserves and Buying and selling Exercise

The report, which reviewed alternate efficiency throughout buying and selling quantity, reserve disclosures, and derivatives exercise throughout 2025, shows KuCoin incomes a PoR transparency rating of 96.7 out of 100, the very best within the dataset.

KuCoin’s rating displays a month-to-month proof-of-reserves framework that enables customers to confirm their balances utilizing Merkle-tree inclusion instruments. The alternate additionally publishes pockets addresses and receives third-party attestations from safety agency Hacken.

CryptoQuant stated that the alternate had despatched out greater than 39 month-to-month reserve stories in a row, with the newest one being on February 6, 2026. The reserve ratios for the belongings that have been made public have been above 100%.

Bybit ranked second on the transparency scale with a rating of 93.2, additionally supported by common PoR disclosures and Hacken attestations. Kraken is positioned within the A tier as effectively, although its quarterly reporting cycle decreased its rating in contrast with the month-to-month reporting cadence of KuCoin and Bybit.

In the meantime, bigger exchanges scored decrease on this class, with Binance receiving a rating of 75.2, reflecting broad pockets disclosures and person stability verification instruments however no full unbiased audit overlaying the alternate’s complete stability sheet.

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Coinbase ranked a lot decrease, with a rating of 44.3, primarily as a result of it doesn’t publish complete pockets deal with mappings or present on-chain verification for buyer balances.

The transparency rating kinds one element of CryptoQuant’s Change Chief Index, which measures platforms utilizing six pillars: buying and selling quantity, reserves, proof-of-reserves transparency, buying and selling combine stability, quantity development, and reserve development. Within the general index, MEXC, Binance, and Bybit held the highest three positions for 2025.

Derivatives Buying and selling Dominates Change Exercise

The report additionally examined buying and selling patterns throughout main exchanges and located that the majority massive platforms now document the vast majority of exercise in derivatives markets somewhat than spot buying and selling. MEXC, Bybit, Bitget, Binance, Gate, and Coinbase generated 70% to 90% of their quantity from perpetual futures contracts.

Nonetheless, KuCoin sits amongst exchanges with a extra balanced combine between spot and derivatives buying and selling. CryptoQuant positioned it in a bunch with HTX and Kraken, the place each segments contributed important volumes somewhat than one dominating the opposite.

In general buying and selling dimension, Binance remains to be the most important alternate, processing about $32.4 trillion in annual buying and selling quantity throughout 2025. About $25 trillion of that quantity got here from the derivatives markets, and about $7 trillion got here from spot buying and selling.

Development throughout the business diversified broadly, with Gate recording the quickest growth in derivatives exercise, as perpetual futures volumes elevated by greater than 400% yr over yr. Coinbase additionally posted massive share good points after finishing its acquisition of Deribit and introducing Solana-based DEX buying and selling, whereas MEXC almost doubled its spot buying and selling volumes throughout the identical interval.