CryptoQuant Names the Most Transparent Exchange for Reserves

CryptoQuant Names the Most Transparent Exchange for Reserves

KuCoin has received the highest proof-of-reserves (PoR) transparency score among major crypto exchanges, according to CryptoQuant’s latest annual Exchange Leader report.
The findings placed the Seychelles-based trading platform ahead of several larger rivals in a category that many traders view as central to assessing exchange solvency.
Report Ranks Exchanges on Reserves and Trading Activity
The report, which reviewed exchange performance across trading volume, reserve disclosures, and derivatives activity during 2025, shows KuCoin earning a PoR transparency score of 96.7 out of 100, the highest in the dataset.
KuCoin’s score reflects a monthly proof-of-reserves framework that allows users to verify their balances using Merkle-tree inclusion tools. The exchange also publishes wallet addresses and receives third-party attestations from security firm Hacken.
CryptoQuant said that the exchange had sent out more than 39 monthly reserve reports in a row, with the most recent one being o

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