KuCoin has achieved the highest proof-of-reserves transparency score among major cryptocurrency exchanges according to a recent annual report. The Seychelles-based exchange scored 96.7 out of 100, ahead of competitors like Bybit and Binance, based on its monthly reserve disclosures and verification tools. The report also analyzed trading activity, noting that derivatives now dominate volume on most large platforms.
KuCoin received the highest proof-of-reserves transparency score among major crypto exchanges. The Seychelles-based platform scored 96.7 out of 100 in a report that ranked exchanges by reserves, trading activity, and transparency.
The findings placed KuCoin ahead of several larger rivals in a category many traders view as central to assessing exchange solvency. The score reflects KuCoin’s monthly proof-of-reserves framework allowing user verification.
Bybit ranked second on the transparency scale with a score of 93.2, also supported by regular disclosures. Kraken was placed in the A tier as well, though its quarterly reporting cycle reduced its score.
Larger exchanges scored lower, with Binance receiving a score of 75.2. Coinbase ranked much lower with a score of 44.3 due to its lack of comprehensive wallet address mappings.
The report examined trading patterns and found most large platforms now record majority activity in derivatives markets. MEXC, Bybit, Bitget, Binance, Gate, and Coinbase generated 70% to 90% of volume from perpetual futures contracts.
KuCoin sits among exchanges with a more balanced mix between spot and derivatives trading. CryptoQuant placed it in a group with HTX and Kraken where both segments contributed significant volumes.
In overall trading size, Binance remains the largest exchange, processing about $32.4 trillion in annual volume during 2025. About $25 trillion of that came from derivatives markets and about $7 trillion from spot trading.
Growth across the industry varied widely, with Gate recording fastest expansion in derivatives activity. Coinbase also posted large gains after completing its acquisition of Deribit and introducing Solana-based DEX trading.
