Fast Facts
- KuCoin leads in transparency with a proof-of-reserves score of 96.7, bolstered by regular, verifiable reserve disclosures supported by third-party attestations.
- The industry overall shows a shift towards derivatives trading, with most exchanges like Binance processing the majority of volume through perpetual futures.
- Larger exchanges like Binance and Coinbase focus more on derivatives, while KuCoin maintains a balanced mix between spot and derivatives trading.
- Industry growth varies, with Gate experiencing over 400% year-over-year growth in derivatives, highlighting rapid expansion in various market segments.
CryptoQuant has announced that KuCoin is the most transparent exchange for reserves, according to its latest report. The study evaluated exchanges based on reserves, trading activity, and transparency. KuCoin scored an impressive 96.7 out of 100, leading the ranking.
This high score reflects KuCoin’s detailed monthly proof-of-reserves, which lets users verify their balances easily. The exchange also publishes wallet addresses and gets third-party security attestations from Hacken. Since February 2026, KuCoin has sent over 39 reserve reports in a row, with assets always above 100% reserve ratio.
Other exchanges, like Bybit and Kraken, also performed well, but not quite as high. For example, Bybit scored 93.2, while Kraken’s quarterly reporting lowered its overall score. Larger platforms such as Binance and Coinbase scored lower, mainly because they don’t provide as detailed or frequent reserve disclosures.
The report also found that most big exchanges focus heavily on derivatives, with 70% to 90% of their trading volume in perpetual futures contracts. However, KuCoin has a balanced mix of spot and derivatives trading, which shows its versatility.
Overall, the report emphasizes the importance of transparency for traders and helps improve industry standards. By highlighting the exchanges with the best reserve practices, CryptoQuant encourages platforms to be more open. This transparency not only benefits users but also supports the growth of secure, reliable cryptocurrency technology.
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Disclaimer
This content is for informational and entertainment purposes only and does not constitute financial or investment advice. Cryptocurrency is highly speculative and carries significant risk, including the potential loss of your entire investment. Do not make financial decisions based on this information. Consult a licensed financial advisor before investing. This site does not offer, sell, or advise on cryptocurrency, securities or other regulated financial products in compliance with SEC and applicable laws. Please do your own research and seek professional advise.
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