CryptoQuant, a company that analyzes blockchain data, pointed out that Binance and OKX are the top cryptocurrency exchanges with solid reserve ratios and consistent monthly Proof-of-Reserve reports.
CryptoQuant shared this information on X, explaining that these exchanges regularly release monthly proof-of-reserves reports, which help set a good example for others.
The report by analyst JA Maartunn show the analysis of five major exchanges—Binance, OKX, Bybit, Kraken, and Coinbase. Binance emerged as the frontrunner, maintaining a Reserve Ratio above 100% and delivering timely, monthly reports. The Reserve Ratio is calculated by dividing the net customer balances by the exchange’s own holdings, offering a transparent snapshot of financial health and solvency.
OKX followed closely behind, also posting ratios consistently above 100%, albeit slightly lower than Binance. The exchange has matched Binance’s commitment to monthly disclosures, solidifying its position as a trustworthy trading platform.
Bybit took the third spot with Reserve Ratios typically ranging between 105% and 115%. The exchange recently stepped up its transparency game by increasing its reporting frequency from bimonthly to monthly—an encouraging move welcomed by the community.
Kraken retained a Reserve Ratio above 100% but has only published four reports since November 2022, making its data less timely and potentially less reliable for scrutiny.
Coinbase, a publicly traded U.S. exchange, ranked last—not having released a single Proof-of-Reserves report to date. Given the exchange’s size and influence, the lack of PoR reporting raises concerns about transparency and industry leadership.
As crypto markets mature and user demands for accountability grow louder, Proof-of-Reserves is becoming a critical benchmark for assessing platform reliability. Binance’s consistent performance in this area places it at the forefront of industry standards, while Coinbase’s silence is increasingly being seen as a red flag.
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