CryptoQuant’s latest Proof-of-Reserves Transparency Score ranks KuCoin first among major crypto exchanges, awarding it 96.7 and an A+ rating. The score is backed by public wallets, monthly Merkle-tree reports, and third-party attestations that enable users to verify balances. The report notes that PoR systems aim to improve transparency and investor trust.
Bybit and Kraken also ranked among the top exchanges, highlighting a still evolving landscape of reserve verification. CryptoQuant’s new benchmark compares large platforms and measures practices of reserve verification. The latest examination covered eighteen trading platforms, with KuCoin as the top scorer.
Analysts point to the post-FTX environment that prompted new transparency standards and ongoing industry demands for verifiable balance information. The report emphasizes that most exchanges are now publishing proof-of-reserves, but disparities remain. KuCoin’s strong reporting practices have helped it lead the rankings, while other firms like Bybit and Kraken lag slightly behind. As the PoR framework matures, transparency could become a competitive differentiator for exchanges.
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