Proof-of-Reserves (PoR) is quickly becoming the crypto industry’s version of a trust badge — and some platforms are flashing it proudly, while others… not so much.
CryptoQuant, the on-chain data pros, just ranked five major exchanges based on transparency, using reserve ratios and monthly PoR reports as key metrics. The results? Binance and OKX are flexing accountability — Coinbase, not so much.
🔍 Here’s how the major players stack up:
🥇 Binance:
The big boss of crypto exchanges is leading the transparency charge. Binance consistently keeps its Reserve Ratio >100%, meaning it has more assets than user liabilities — that’s healthy AF. Plus, they’ve been clockwork-consistent with their monthly PoR drops. ✅
🥈 OKX:
Running right behind Binance, OKX also posts 100%+ reserve ratios and has matched Binance’s monthly PoR cadence. It’s clear they’re gunning for long-term trust. 🧾
🥉 Bybit:
Bybit’s doing fine with ratios between 105%-115%, and they just upgraded their PoR reports from every two months to monthly. Big W for transparency. 📈
🤷 Kraken:
Still above 100% but lagging in consistency. Since Nov 2022, only 4 reports have dropped. Feels more like a ghosted situationship than a reliable partner. 👻
🚨 Coinbase:
Here’s where things get weird. Zero Proof-of-Reserves reports. Yep, none. For a publicly traded giant in the U.S., that’s a serious L in terms of transparency and leadership. 🧊
As regulation tightens and users get smarter, PoR is no longer a “nice-to-have” — it’s a must-have. Binance and OKX are showing how it’s done. Meanwhile, Coinbase’s silence? It’s speaking volumes.
📌 TL;DR: Binance & OKX = 💯 Proof-of-Reserve kings. Coinbase? Still ghosting PoR reports like it’s 2019.
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