Binance, the world’s largest cryptocurrency exchange, and other exchanges announced the proof-of-reserve system to try and restore confidence in crypto exchanges following the sudden bankruptcy of FTX.
In this context, Binance and leading exchanges publish reserve reports at regular intervals.
As these reports continue to emerge, CryproQuant has revealed itself to be the most transparent exchange in terms of reserves.
According to CryptoQuant data, KuCoin received the highest proof-of-reserve (PoR) transparency score among major cryptocurrency exchanges.
CryptoQuant based its ranking on criteria such as reserves, trading volume, and transparency, while KuCoin scored 96.7 out of 100.
The ranking also revealed a significant difference between the platforms. According to CryptoQuant data, some exchanges are still not fully transparent.
Bybit ranked second with 93.2 points, behind KuCoin, while Kraken came in third with 88.55 points.
They were followed by Mexc with 82.95 points, BitMEX with 78.95 points, Gate with 78.9 points, Deribit with 75.91 points, and Binance with 75.2 points.
Coinbase ranked much lower with a score of 44.3.
In contrast, some exchanges received much lower ratings. For example, BitFlyer scored only 23.25 points, Bitfinex 31.75 points, and Crypto.com 23.75 points, all rated with an E grade. According to the analytics company, this data indicates that risks still exist in the sector.
Based on this data, Binance remains the largest exchange in terms of total trading volume, with an estimated annual volume of approximately $32.4 trillion in 2025.
*This is not investment advice.
