- Binance and OKX lead with consistent Proof-of-Reserves above 100% and regular reports.
- Bybit and Kraken improve transparency but report less frequently and inconsistently.
- Coinbase lacks any Proof-of-Reserves reports, creating significant transparency gaps.
Proof-of-Reserves (PoR) has become a major transparency tool for cryptocurrency exchanges to show that all user funds are fully backed by actual reserves. A detailed review of reserve ratios from five leading exchanges—Binance, OKX, Bybit, Kraken, and Coinbase—gives a clear picture of their liquidity status and reporting practices. The Reserve Ratio, calculated by dividing the Net Customer Balance by the Exchange Balance, serves as a key indicator of how well exchanges cover their users’ holdings with actual assets.
Among the exchanges analyzed, Binance maintains a Reserve Ratio above 100%, signaling that its asset holdings surpass total customer liabilities. Over the period from February 2023 to June 2025, Binance’s reserve ratios showed some fluctuations but remained well above the 100% mark. The highest ratio recorded was 118.52% in May 2023. Binance publishes its Proof-of-Reserves reports monthly and on time, reflecting a commitment to regular disclosure of its financial standing.
OKX follows with steady reserve ratios mostly ranging between 102% and 105% throughout the same timeframe. While OKX’s reserve levels are generally lower than Binance’s, the exchange consistently reports monthly and punctually.
Bybit and Kraken Show Progress With Varied Reporting Frequency
Bybit also displays a Reserve Ratio consistently above 100%, ranging between 105% and 115%. The exchange has improved its transparency by increasing the frequency of Proof-of-Reserves reporting from every two months to monthly. Bybit’s strongest reserve ratios occurred in early 2024 and early 2025, indicating stable asset backing during those periods.
Kraken’s Reserve Ratio data, in contrast, is limited and sporadic. The exchange released only four reports since November 2022, with notable reserve spikes in April 2023 and December 2023, measuring 114.9% and 112.6%, respectively. However, most of Kraken’s monthly data points show a zero value, pointing to infrequent reporting and a lack of consistent public disclosure. This irregularity creates challenges in assessing Kraken’s ongoing reserve position.
Coinbase Does Not Publish Proof-of-Reserves Reports
During the entire analyzed period, Coinbase did not publish a single report on the Proof-of-Reserves. The reserve ratio data of Coinbase was 0 for all months, which means that the information is not available or that the company does not disclose it. In such a transfer of Coinbase magnitude and market power, the lack of Proof-of-Reserves reporting restricts its openness and the evaluation of the populace on its level of liquidity.
According to the analysis, Binance and OKX are establishing measurable asset backing and transparency standards through their steady reserve ratios and frequent updates. Both Bybit and Kraken have achieved significant progress on disclosure, though neither meets the standards of consistency that the industry leaders do. The absence of publicly available Proof-of-Reserves data exhibits a massive transparency hole in comparison with the peers of Coinbase.
