KuCoin tops all major cryptocurrency trading platforms in reserve transparency scores, according to CryptoQuant's annual Exchange Leaderboard report. The scoring system focuses on the verifiability of trading platforms' asset reserves and is considered by many traders as a key indicator of a platform's solvency.
KuCoin employs a monthly Proof of Reserves (PoR) mechanism, allowing users to independently verify account balances through a Merkle tree tool. The platform regularly publishes hosted wallet addresses and provides independent third-party certification by renowned security firm Hacken. The report shows that KuCoin has continuously published reserve reports for 39 consecutive months, with the latest issued on February 6, 2026, and reserve coverage exceeding 100% for all disclosed assets.
Bybit ranked second with a score of 93.2, also relying on monthly disclosures and Hacken audit support. Kraken, while also in the A-grade tier, scored slightly lower than the former two due to its quarterly data releases. In comparison, Binance scored 75.2, opening up a wide range of wallet addresses and providing balance verification, but without completing an independent audit covering all asset liabilities. Coinbase ranked last with a score of 44.3, mainly due to the lack of complete wallet mapping and on-chain user balance verification mechanisms.
The transparency score is one of six assessment dimensions in the CryptoQuant Exchange Leaderboard Index, with the others including trading volume, trading structure balance, trading volume growth rate, and reserve growth rate. In the overall 2025 rankings, MEXC, Binance, and Bybit ranked in the top three.
It is worth noting that the trading activity of current mainstream exchanges is highly concentrated in the derivatives market. The proportion of derivatives trading volume for MEXC, Bybit, Bitget, Binance, Gate, and Coinbase is generally between 70% and 90%. KuCoin, along with HTX and Kraken, is among the few platforms that have achieved a balanced development of spot and derivatives trading, with both types of markets contributing significant traffic.
Although Binance remained at the top with a total trading volume of approximately $32.4 trillion for the year, nearly $25 trillion came from perpetual contracts, with spot trading accounting for only about $7 trillion, showing the industry's overall reliance on leveraged products. While maintaining high transparency, KuCoin maintains a diversified trading structure, providing users with a more stable trading environment.