CryptoQuant has published its Annual Exchange Leader Report 2025, a comprehensive review of centralized cryptocurrency exchanges assessing structural transparency, trading activity, reserve practices, and proof-of-reserves standards. In this year’s evaluation, KuCoin received the highest distinction for PoR transparency, earning a score of 96.7 (A+).
The report evaluates exchanges based on several transparency criteria, including public disclosure of wallet addresses, availability of user-level balance verification, frequency of reporting, independent third-party attestations, and the timeliness of disclosures. According to CryptoQuant, KuCoin achieved the strongest overall performance in structural transparency among the platforms reviewed.
CryptoQuant’s analysis indicates that KuCoin integrates multiple transparency mechanisms. These include public wallet disclosures, monthly Proof-of-Reserves reports built on a Merkle-tree framework, tools enabling users to verify their balances, and attestations conducted by independent third parties.
KuCoin has issued more than 39 consecutive monthly Proof-of-Reserves reports. These reports are verified by Hacken and consistently show reserve ratios above 100 percent. The most recent update was published on February 6, 2026, alongside a February attestation.
The report notes that reserve transparency and verification standards have become increasingly significant indicators of operational resilience and counterparty risk management, particularly as regulatory expectations continue to evolve across jurisdictions.
KuCoin’s recognition in the PoR category aligns with its broader $2 billion Trust Project, an initiative designed to strengthen platform security, improve compliance systems, enhance risk management controls, and reinforce protections for user assets across its global operations.
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 $2Billion Trust Project reflects our commitment to building a resilient, security-first platform that meets the highest standards of disclosure and regulatory alignment.”
Beyond proof-of-reserves transparency, CryptoQuant’s report also highlighted KuCoin’s growth across both spot and derivatives markets in 2025, noting continued infrastructure development alongside investments in compliance and security frameworks.
Read the full report here .
