CryptoQuant has released its Annual Exchange Leader Report 2025, evaluating centralized exchanges across structural transparency, trading performance, reserves, and proof-of-reserves (PoR) standards. In this year’s assessment, KuCoin was recognized as the leading exchange in PoR transparency.
The report measures transparency across public wallet disclosure, user-level balance verification, reporting cadence, third-party attestations, and recency metrics. KuCoin achieved the highest structural transparency standards among evaluated platforms.
According to CryptoQuant’s findings, KuCoin combines public wallet disclosure, monthly Merkle-tree–based Proof-of-Reserves reports, user-side balance verification mechanisms and independent third-party attestations.
KuCoin publishes monthly Merkle-tree–based Proof-of-Reserves reports verified by Hacken, with its latest update dated February 6, 2026, alongside a February attestation. The exchange has maintained more than 39 consecutive monthly reports and consistently discloses reserve ratios exceeding 100%.
The report highlights that reserve transparency and verification practices have become increasingly important indicators of exchange resilience and counterparty risk management, particularly in an evolving regulatory landscape.
KuCoin’s PoR leadership aligns with its broader $2B Trust Project, an ongoing initiative focused on strengthening security systems, enhancing compliance frameworks, advancing risk controls, and reinforcing user asset protection standards across global markets.
BC Wong, CEO of KuCoin, commented:
“Transparency and compliance are foundational to long-term trust in digital asset markets. Structural safeguards — including verifiable reserves, consistent reporting cadence, and third-party validation — are not optional; they are essential. Our $2B Trust Project reflects our commitment to building a resilient, security-first platform that meets the highest standards of disclosure and regulatory alignment.”
In addition to its leadership in PoR transparency, the report also noted KuCoin’s strong growth momentum across spot and derivatives markets in 2025, reflecting structural development alongside continued investment in security and compliance infrastructure.
