CryptoQuant Names the Most Transparent Exchange for Reserves
KuCoin has acquired the highest proof-of-reserves (PoR) transparency rating amongst main crypto exchanges, in response to CryptoQuant’s newest annual Exchange Leader 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 trade solvency.
Report Ranks Exchanges on Reserves and Trading Activity
The report, which reviewed trade 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 highest in the dataset.
KuCoin’s rating displays a month-to-month proof-of-reserves framework that permits customers to confirm their balances utilizing Merkle-tree inclusion instruments. The trade additionally publishes pockets addresses and receives third-party attestations from safety agency Hacken.
CryptoQuant mentioned that the trade had despatched out greater than 39 month-to-month reserve studies in a row, with the most up-to-date one being on February 6, 2026. The reserve ratios for the belongings that had been made public had 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 in 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.
Meanwhile, 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 impartial audit masking the trade’s whole stability sheet.
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 types one element of CryptoQuant’s Exchange Leader 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. In the general index, MEXC, Binance, and Bybit held the high three positions for 2025.
Derivatives Trading Dominates Exchange Activity
The report additionally examined buying and selling patterns throughout main exchanges and located that almost all giant platforms now document the majority of exercise in derivatives markets fairly than spot buying and selling. MEXC, Bybit, Bitget, Binance, Gate, and Coinbase generated 70% to 90% of their quantity from perpetual futures contracts.
However, 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 fairly than one dominating the different.
In general buying and selling dimension, Binance remains to be the largest trade, 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.
Growth throughout the trade different extensively, with Gate recording the quickest enlargement in derivatives exercise, as perpetual futures volumes elevated by greater than 400% 12 months over 12 months. Coinbase additionally posted giant share positive aspects after finishing its acquisition of Deribit and introducing Solana-based DEX buying and selling, whereas MEXC practically doubled its spot buying and selling volumes throughout the identical interval.
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