Which Crypto Exchange Leads in Proof-of-Reserves Transparency?
Maintaining transparency around user fund backing has become a key benchmark for trust in the crypto exchange space.
By analyzing the reserve ratios of five major platforms, a clear hierarchy emerges—some exchanges consistently provide timely reports and exceed the 100% reserve threshold, while others lag behind in disclosure and reliability.
According to a new analysis from on-chain data firm CryptoQuant, Binance currently leads the cryptocurrency industry in Proof-of-Reserves (PoR) transparency, with OKX and Bybit following close behind. The report evaluated five major exchanges—Binance, OKX, Bybit, Kraken, and Coinbase—based on their Reserve Ratios and reporting frequency.
Binance and OKX Set Industry Benchmark
Binance secures the top position by consistently maintaining a Reserve Ratio above 100%—a critical threshold indicating that user assets are fully backed. The exchange releases PoR reports monthly and on schedule, reinforcing user trust.
OKX ranks second, also sustaining a Reserve Ratio over 100%, though typically a bit lower than Binance’s. Its commitment to timely, monthly disclosures places it among the most transparent platforms in the market.
Bybit and Kraken Show Promise but Lag in Frequency
Bybit takes third place, with reserve ratios ranging between 105% and 115%. The platform recently increased its reporting frequency from bi-monthly to monthly, a move seen as a step in the right direction.
Kraken maintains full reserves but has only released four PoR reports since November 2022. Analysts note that more frequent updates are needed to strengthen confidence among users and institutions.
Coinbase Faces Scrutiny for Zero Transparency
Coinbase, one of the largest crypto exchanges in the U.S., ranks last. The platform has yet to publish any PoR reports. Given its market size and public listing, CryptoQuant views this lack of disclosure as a notable red flag.
Final Verdict
CryptoQuant concludes that Binance and OKX are leading the way in transparency and accountability. Bybit and Kraken show positive developments, though they still have room to improve. In contrast, Coinbase’s complete absence from the PoR reporting landscape is a significant concern, highlighting the urgent need for greater industry-wide standards.
Kosta Gushterov
Reporter at Coindoo
Kosta kam 2021 zum Team und hat sich mit seinem Wissensdurst, seiner unglaublichen Hingabe und seiner analytischen Denkweise schnell einen Namen gemacht. Er deckt nicht nur ein breites Spektrum an aktuellen Themen ab, sondern schreibt auch bemerkenswerte Rezensionen, PR-Artikel und Bildungsinhalte. Seine Arbeit wird auch von anderen Nachrichtenagenturen zitiert.
