The Annual Exchange Leader Report 2025 has been made available by CryptoQuant. This report provides an analysis of centralized exchanges with regard to structural transparency, trading performance, reserves, and proof-of-reserves (PoR) criteria. With a score of 96.7 (A+), KuCoin was acknowledged as the most transparent exchange in terms of proof-of-work (PoR) based on the evaluation that was conducted this year.
The report evaluates the degree of transparency in the following areas: public wallet disclosure, verification of balances at the user level, reporting cadence, attestations from third parties, and recency metrics. When compared to other platforms that were analyzed, KuCoin obtained the greatest structural transparency criteria.
The results of CryptoQuant indicate that KuCoin integrates a number of different features, including user-side balance verification procedures, public wallet disclosure, monthly Merkle-tree–based Proof-of-Reserves reports, and independent third-party attestations.
Monthly Merkle-tree–based Proof-of-Reserves reports that have been confirmed by Hacken are published by KuCoin. The most recent update, which was dated February 6, 2026, was accompanied with an attestation for the month of February. More than 39 consecutive monthly reports have been kept by the exchange, and it has routinely disclosed reserve ratios that are more than 100% with each report.
It is highlighted in the research that reserve transparency and verification standards have become more essential indications of exchange resilience and counterparty risk management, especially in a regulatory context that is constantly shifting.
KuCoin’s Proof-of-Reserve (PoR) leadership is in line with the company’s larger $2 billion Trust Project, which is a continuing endeavor aimed at bolstering security systems, improving compliance frameworks, increasing risk controls, and reinforcing user asset protection standards across worldwide marketplaces.
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.”
In addition to its leadership in proof-of-reserve (PoR) transparency, the research highlighted KuCoin’s robust growth momentum across spot and derivatives markets in 2025. This growth momentum reflects KuCoin’s structural development as well as its ongoing investment in security and compliance infrastructure. The whole report may be seen here.
KuCoin is a major global cryptocurrency platform that was established in 2017, and it is trusted by more than 40 million users across more than 200 nations and regions. The platform provides digital asset services that are compliant, innovative, and safe. It provides access to more than 1500 digital assets, as well as spot and futures trading, institutional wealth management, and a Web3 wallet. Having been recognized by Forbes and Hurun, KuCoin has certifications in both SOC 2 Type II and ISO 27001:2022, which demonstrates its dedication to providing the highest possible level of security. Through the acquisition of an AUSTRAC registration in Australia and a MiCA license in Austria, KuCoin is continuously growing its regulated footprint under the leadership of CEO BC Wong, therefore building a digital asset ecosystem that is both transparent and dependable.
