KuCoin Achieves Top Transparency Rating in Crypto Exchanges
KuCoin leads in transparency according to CryptoQuant's latest findings, scoring 96.7 out of 100 in their annual report.
KuCoin has garnered the highest proof-of-reserves (PoR) transparency score among major cryptocurrency exchanges, according to the latest annual report by CryptoQuant.
The report, which evaluates exchanges based on their reserves, trading volume, and transparency, rated KuCoin at an impressive 96.7 out of 100, placing it in front of many larger competitors.
Key Findings from the Report
The annual report assesses exchanges based on metrics like trading volume, reserve disclosures, and derivatives activity. The comprehensive analysis for 2025 revealed a PoR transparency score for KuCoin of 96.7, underscoring its strong commitment to transparency. This high score reflects a monthly proof-of-reserves framework that allows users to confirm their balances through Merkle-tree inclusion tools. Furthermore, KuCoin regularly publishes wallet addresses and receives third-party confirmations from the security firm Hacken.
CryptoQuant noted that KuCoin has maintained a streak of over 39 consecutive monthly reserve reports, with the latest published on February 6, 2026, showing that public reserve ratios exceeded 100%.
Comparison with Other Exchanges
In a close second, Bybit achieved a transparency score of 93.2, backed by frequent PoR disclosures and Hacken attestations. Kraken also performed well but fell into a lower tier due to a less frequent quarterly reporting schedule compared to KuCoin’s monthly disclosures.
Binance, despite being a larger exchange, scored lower at 75.2, primarily due to limited wallet disclosures and a lack of comprehensive independent audits covering its entire balance sheet.
Other Observations
The report indicates a shift in trading patterns among exchanges, with most now seeing more activity in derivatives rather than spot trading. Exchanges like MEXC, Bybit, and Binance have reported that 70-90% of their trading volume comes from perpetual futures contracts. In contrast, KuCoin maintains a more balanced trading environment, engaging significantly in both spot and derivatives trading.
In terms of overall trading volume, Binance remains the largest exchange, processing around $32.4 trillion in annual trading during 2025, with derivatives making up approximately $25 trillion and spot trading accounting for about $7 trillion.
The report also highlights that growth rates across the industry are uneven. For instance, Gate has displayed a remarkable increase of over 400% in derivatives activity year on year, while Coinbase experienced substantial growth after acquiring Deribit and launching Solana-based DEX trading.
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