KuCoin Outranks Binance In CryptoQuant Exchange Transparency Ranking

KuCoin topped a field of major cryptocurrency exchanges with a proof-of-reserves transparency score of 96.7 out of 100 in CryptoQuant's annual Exchange Leader report, outranking larger rivals including Binance and Coinbase in a metric that has become a key measure of exchange solvency since the collapse of FTX.

What Happened: Reserve Transparency Ranked

CryptoQuant's report evaluated exchange performance across trading volume, reserve disclosures, and derivatives activity during 2025.

The Seychelles-based KuCoin earned its top score through a monthly proof-of-reserves framework that lets users verify balances via Merkle-tree inclusion tools, published wallet addresses, and third-party attestations from security firm Hacken.

The exchange has issued more than 39 consecutive monthly reserve reports, with the most recent dated Feb. 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. Kraken landed in the A tier but scored lower due to its quarterly reporting cycle.

Binance received 75.2, reflecting broad wallet disclosures but no full independent audit of its entire balance sheet.