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The annual “Exchange Leaders” report released by “CryptoQuant” shows that the “KuCoin” platform has achieved the highest degree of reserve proof transparency among major digital currency trading platforms.
The platform received a score of 96.7 out of 100, putting it ahead of its larger rivals thanks to its system that allows users to verify their balances through the “Merkle Tree” technology, in addition to publishing wallet addresses and conducting audits by the cybersecurity firm “Hacken”.
The report explained that “KuCoin” has issued more than 39 monthly reserve reports in a row, the most recent of which was on February 6, 2026, when the declared asset reserve ratio exceeded 100%.
The “Bybit” platform ranked second with a score of 93.2, while “Kraken” received a Category A rating despite a relatively low score due to the use of quarterly reporting instead of monthly reporting.
In comparison, larger platforms scored lower on this metric; Binance received a score of 75.2 for lacking a comprehensive independent audit of its balance sheet, while Coinbase received a score of 44.3 for not publishing a complete map of wallet addresses or an online verification mechanism for user balances.
The report also noted that derivatives trading has dominated platform activity, accounting for 70% to 90% of trading volume on platforms such as Binance, Bybit, Bitget, Gate and Coinbase.
Nonetheless, Binance remains the largest platform in terms of total trading volume, as it processed approximately $32.4 trillion in transactions in 2025, including approximately $25 trillion in derivatives and $7 trillion in spot trading.
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