Crypto Exchanges With Proof of Reserves in 2026, Ranked by Transparency

Last Updated: November 3, 2026

Crypto exchanges with proof of reserves in November 2026 include OKX, Binance, Bybit, KuCoin, Bitget, Gate and Kraken, which publish reports comparing the coins in their wallets with customer balances, while Crypto.com’s only report dates from December 2022 and Coinbase and Gemini publish none. In the latest reports, checked on each exchange’s own page on November 3, 2026, all seven showed Bitcoin reserves of at least 100% of customer balances, from Binance’s 100.04% on October 31 to Gate’s 121.6% on October 18.

In Blockchainreporter’s November 2026 proof-of-reserves ranking, OKX is the most transparent, with 49 monthly reports and a zero-knowledge proof, followed by Binance, which published a new snapshot two days after a hack of about $6.3 billion on October 29. Bybit, KuCoin and Bitget complete the group of monthly reporters.

Every major exchange now says it’s “secure.” The more useful question after FTX is narrower and checkable: how transparently does an exchange prove it holds your funds, and how often? This ranking scores the major exchanges on proof-of-reserves transparency specifically, not vibes or brand recognition.

A word of caution that applies to every entry below: proof of reserves is a powerful signal, not a guarantee.

In short: Proof of reserves shows an exchange held enough assets to cover user balances on a snapshot date. It does not prove solvency or replace a financial audit.

What is a full-reserve crypto exchange?

A full-reserve crypto exchange holds at least one unit of every asset for each unit its customers have on deposit, so customer balances are backed 1:1 instead of being lent out or used elsewhere. In a proof-of-reserves report, that shows up as a reserve ratio of 100% or more: the coins in the exchange’s wallets divided by customer balances in the same coin.

Proof of reserves matters because customers cannot see inside an exchange’s books. A regular report lets them check that deposits are still there, monthly on the best-documented exchanges, instead of taking the exchange’s word for it. Coinbase, a Nasdaq-listed US exchange, publishes no proof of reserves and relies on audited financial statements instead.

How does a proof of reserves audit work?

1. Wallet ownership: the exchange proves it controls its wallets, for example by signing a message with each address or moving a set amount between its own addresses.
2. Balance snapshot: it records every customer balance at a fixed time.
3. Merkle tree: each balance is hashed into a Merkle tree, and the exchange publishes the root so each user can confirm their own balance was counted.
4. Reserve ratio: wallet holdings are divided by customer balances for each asset; 100% or more means full reserves for that asset.
5. Zero-knowledge proof (optional): OKX, Binance and Gate add a proof that the customer total was not understated, for example with fake negative balances.
6. Outside check (optional): an accountant or attestation firm reviews the process, as at Kraken and Bybit.

• What it proves: the exchange controlled at least as much of each covered asset as its customers held at the snapshot time and, if you check your Merkle leaf, that your balance was included.
• What it does not prove: that the exchange is solvent, that it has no other debts, that the coins were not borrowed for the snapshot, or that anything stayed the same after the snapshot date.

What are the best ways to verify a crypto exchange’s reserves?

1. Check the date: use a report from the last month or two. Kraken’s latest snapshot is from June 30, 2026, and Crypto.com’s from December 7, 2022.
2. Check each asset you hold: look for a ratio of 100% or more on your coins, not just a high total.
3. Verify your own balance: log in, copy your Merkle leaf or record ID from the exchange’s proof-of-reserves page and check it with the exchange’s tool or an open-source verifier.
4. Run the zero-knowledge check where offered: OKX, Binance and Gate publish proof files you can verify on your own computer.
5. Look up the wallets: compare the published addresses with a block explorer.
6. See who checked it: a named outside firm, such as Hacken at Bybit, or an independent accountant, as at Kraken, adds assurance. For listed exchanges such as Coinbase and Gemini, read the audited financial statements instead.

Which exchanges show full reserves in their latest reports?

All figures are the exchanges’ own, read on their proof-of-reserves pages on November 3, 2026. Binance’s October 31 proof covers ten tokens; Binance says about 5% of the stolen amount, in less liquid tokens outside those ten, is still being replaced, and it plans a snapshot covering more tokens on November 4. Dollar totals move with prices: Bitcoin traded at about $76,897 on CoinMarketCap at 10:40 UTC on November 3, 2026, down 3.5% over seven days.

How we ranked them

Each exchange is scored on five transparency factors, weighted toward the things that actually reduce a user’s blind spots:

1. Reporting cadence: monthly beats quarterly beats “occasional.” (Most weight, because frequency controls how long a problem can hide.)
2. Continuity: a long, unbroken track record of reports, not a one-off.
3. Self-verifiability: can you confirm your balance is in the snapshot (open-source or zero-knowledge tools)?
4. Independent verification: third-party firm involvement or audited financials.
5. Coverage and on-chain proof: per-asset ratios and public wallet addresses you can check on a block explorer.

Ranking is by transparency on these criteria, not overall “safety,” which also depends on regulation, jurisdiction and track record. We flag those separately where they matter. Blockchainreporter’s overall exchange ranking, which also scores hacks, regulation, liquidity and fees, places Binance joint third after its October hack; see our best crypto exchanges for that view.

What changed in this update

This November 3, 2026 update re-checked every exchange’s own proof-of-reserves page and applied the same five factors:

1. OKX moves to first: 49 monthly reports since late 2022, at least as long a record as Bitget’s, and a proof that also checks liabilities.
2. Binance moves from sixth to second: it reports monthly, not quarterly as the June version of this page said, with a zero-knowledge proof.
3. Bybit rises to third and KuCoin enters at fourth: monthly reports plus an outside check, Hacken for Bybit and a third-party audit report for KuCoin.
4. Bitget drops to fifth: still monthly, but self-published with a Merkle tree only.
5. Gate enters at sixth: a zero-knowledge proof across close to 500 assets, but no published cadence.
6. Kraken drops to seventh and Crypto.com to eighth: Kraken’s latest snapshot is from June 30, 2026, and Crypto.com’s only report is from December 2022.
7. Gemini joins Coinbase in ninth: neither publishes a proof of reserves.

What changed since 2025

• 2025: Bybit lost about $1.5 billion in Ether to hackers in February and covered the loss. A June 2025 CryptoQuant analysis put Binance and OKX ahead on proof-of-reserves consistency and noted Bybit’s move from reports every two months to monthly, as we reported in Binance and OKX set a benchmark in proof of reserves. Gemini listed on Nasdaq in September 2025 without adopting proof of reserves.
• 2026: Attackers took about $388 million from Bitget on September 24, according to The Block, and about $6.3 billion from Binance on October 29, the largest crypto theft on record. Bitget said its protection fund would cover the losses, and Binance said it would bear them itself. Kraken has not published a snapshot since June 30, and Crypto.com has not updated its 2022 report.

1. OKX: the most advanced verification

OKX published its 49th proof of reserves, dated 00:00 on November 1, 2026 (UTC+8), showing $33.87 billion across 21 assets, of which $27.82 billion was in Bitcoin, Ether, USDT and USDC. Reserve ratios were 108% for Bitcoin, 101% for Ether, 106% for USDT and 100% for USDC. OKX uses zero-knowledge (zk-STARK) proofs that let users confirm backing without exposing any account data.

• Cadence and continuity: 49 reports since late 2022, about one a month.
• Self-verifiability: the zk-STARK proof checks three rules: every account is included, the total equals the sum of all accounts, and no account has a negative balance. Users can run OKX’s open-source zk-STARK Validator on their own report data.
• On-chain proof: OKX publishes its wallet addresses with signed ownership messages that anyone can verify.
• Trade-off: the figures are self-published, with no outside audit firm named. In February 2025, OKX operator Aux Cayes Fintech pleaded guilty in the US to operating an unlicensed money-transmitting business and agreed to pay more than $504 million, according to the US Justice Department.

Best for: technically minded users who want to check the proof themselves every month. Our OKX review covers fees and licences.

In short: On proof-of-reserves transparency, OKX ranks first among major exchanges in November 2026, with 49 monthly reports since late 2022 and a zero-knowledge proof that also checks liabilities.

2. Binance: largest reserves, monthly proofs

Binance, the world’s largest exchange by trading volume, publishes proof of reserves every month using a Merkle tree and a zk-SNARK zero-knowledge proof. After an attacker moved about $6.3 billion out of Binance wallets on October 29, 2026, in a theft the FBI attributed to North Korea’s TraderTraitor group, Binance used its own funds to replenish the stolen assets in ten major tokens and took an extra snapshot at 00:00 UTC on October 31. That snapshot shows reserve ratios of 100.04% for Bitcoin, 100.00% for Ether and 100.00% for USDT, with about 692,489 BTC in Binance wallets against 692,187 BTC in customer balances.

• Proof status: on November 2, Binance said the zero-knowledge proof for the October 31 snapshot is complete, so holders of ten tokens (BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC) can verify that their balances are backed at least 1:1. It plans a new snapshot covering more tokens on November 4 and estimates the proof will take about 40 to 50 hours.
• Coverage gap: Binance says it has covered about 95% of the stolen amount; the remaining 5% is in less liquid tokens outside the ten, which it is still acquiring.
• Withdrawals: after a first phase on November 1, Binance began a second phase from 04:00 UTC on November 3 across nine networks, including 38 assets on Ethereum, 31 on BNB Smart Chain and 22 on Solana, rolled out progressively. Our report on Binance reopening withdrawals has the timeline.
• Independent check: none for the figures. Binance says its open-source verifier code has been independently audited, but it names no audit firm for the snapshots, so the reserve numbers are Binance’s own.
• Trade-off: in November 2023, Binance pleaded guilty to US anti-money-laundering and sanctions violations and agreed to pay $4.3 billion. Binance does not serve US residents, who can use the separate Binance.US, and it stopped accepting new EU customers on July 1, 2026.

Best for: users who prioritize liquidity and scale and are willing to check the proof themselves. See our Binance review.

3. Bybit: high coverage, with a caveat

Bybit published report #41 from a snapshot at 06:00 UTC on October 27, 2026, covering about $17.3 billion in mainstream assets. Reserve ratios were 102% for Bitcoin, 101% for Ether and 112% for USDT. Every report in 2026, from January 27 to October 27, lists security firm Hacken as its audit firm, and users can check their Merkle-tree inclusion with Bybit’s open-source tool on GitHub.

• Cadence: monthly. Reports #38 to #41 cover July 22, August 26, September 23 and October 27, 2026.
• Coverage: ratios for dozens of assets, from AAVE to XRP.
• Trade-off (stated plainly): in February 2025, hackers stole about $1.5 billion in Ether from a Bybit cold wallet, which the FBI attributed to North Korea. Bybit covered the loss and kept withdrawals open, a real-world stress test of its reserves. Worth knowing, not disqualifying.

Best for: derivatives traders who want an outside check on every report plus deep liquidity. Read our Bybit review.

4. KuCoin: monthly ratios plus an outside audit

KuCoin shows reserve ratios based on data at 23:59:59 on October 31, 2026 (UTC+8): Bitcoin 112%, Ether 115%, USDT 110% and USDC 127%. Its September 30 report showed Bitcoin at 109%, Ether at 117% and USDT at 110%. Users can check their own balance against KuCoin’s Merkle tree, and the page lists an audit report dated October 8, 2026, from what KuCoin calls an independent third-party institution, without naming it.

• Cadence and continuity: monthly, with reports since late 2022.
• Coverage: the public page shows ratios for four assets, fewer than most rivals.
• Trade-off: in January 2025, KuCoin’s operator pleaded guilty in the US to running an unlicensed money-transmitting business, agreed to pay more than $297 million and agreed to leave the US for at least two years.

Best for: users who want monthly ratios backed by a dated outside audit report.

5. Bitget: a consistent monthly reporter

Bitget says it publishes a new Merkle-tree proof-of-reserves snapshot every month, a practice it began in December 2022. Its latest snapshot, taken at 07:00 on October 21, 2026 (UTC+8), shows a total reserve ratio of 115%, with Bitcoin at 113%, Ether at 162%, USDT at 105% and USDC at 101%, down from a total of 122% in its August 2026 report.

• Self-verifiability: an open-source tool on GitHub lets users confirm their balance is in the snapshot, and Bitget says it uses open-source tools to verify ownership of the wallet addresses that hold its reserves.
• Protection Fund: Bitget’s own page values the fund at $284 million (3,705 BTC) on November 3, 2026, based on Bitcoin’s price at 00:00 UTC.
• Trade-off: the proof is self-published, with no outside firm. On September 24, 2026, attackers exploited a flaw in a third-party security product and took about $388 million from Bitget, according to The Block; Bitget said its protection fund would cover the losses and restored withdrawals in phases between September 28 and October 2. It does not serve the US or Canada and has no MiCA licence.

Best for: users who want to re-check coverage every month and verify their own balance themselves.

6. Gate: zero-knowledge proof across hundreds of assets

Gate lists total reserves of about $8.7 billion against about $7.3 billion in customer net balances in its snapshot of 00:00 UTC on October 18, 2026, a total reserve ratio of 118%. Bitcoin reserves were 121.6%, Ether 123.8% and USDT 111.7%.

• Self-verifiability: Gate combines a Merkle tree with zk-SNARK proofs and publishes its verification program on GitHub.
• Coverage: the broadest in this ranking, with ratios for close to 500 assets.
• Trade-off: Gate’s page does not say how often it publishes and names no outside firm for its latest snapshot; the Hacken audit it lists, dated January 3, 2024, covers the proof-of-reserves code, not the reserves.

Best for: users who hold smaller altcoins and want them inside a zero-knowledge proof.

7. Kraken: independent accountant, slower cadence

Kraken has its proof of reserves performed by an independent third-party accountant, which builds the Merkle tree and checks that Kraken’s on-chain holdings match or exceed client balances, an assurance layer the pure self-publishers lack. Its latest snapshot, from June 30, 2026, shows Bitcoin at 102.9%, Ether at 100.5%, Solana at 100.6%, XRP at 102.3% and USDC and USDT at 105% or more. By November 3 that report was more than four months old.

• Self-verifiability: clients can check their balance in Kraken Pro (Account icon, Proof of Reserves, Verify yourself) or with the accountant’s tool.
• Candid limits: Kraken’s own page says a proof of reserves cannot prove exclusive possession of private keys, cannot identify hidden encumbrances or borrowed funds, and cannot account for keys lost or funds stolen since the latest review.
• Track record: in June 2024, security firm CertiK exploited a deposit bug to take about $3 million of Kraken’s own funds; the money was returned and no customer assets were affected. In April 2026, Kraken said support employees had improperly accessed limited client support data for about 2,000 accounts, and its chief security officer said client funds were never at risk.
• Trade-off: less frequent than the monthly publishers.

Best for: users who weight third-party review and a strong security record over reporting frequency.

8. Crypto.com: compliance-heavy, but one report from 2022

Crypto.com still points to a single proof of reserves: a verification by audit firm Mazars, performed under the ISRS 4400 assurance standard, of customer balances as of 00:00 UTC on December 7, 2022. Crypto.com said it was working with Mazars to add more tokens in later verifications, but no newer report appears on its page. Mazars paused its proof-of-reserves work for crypto exchanges later in December 2022, according to The Block.

• What it still offers: a Merkle-tree check of whether your balance was in the 2022 report, and key wallet addresses published through Nansen.
• Compliance: a MiCA licence from Malta, UK FCA registration, US money transmitter licences, a Singapore Major Payment Institution licence and a Dubai VARA licence.
• Trade-off: a reserve report nearly four years old says little about reserves today. In September 2025, Bloomberg reported that a breach of some users’ personal data before March 2023 had not been disclosed.

Best for: users who prioritize formal compliance credentials over current reserve data.

9. Coinbase and Gemini: a different model, not a worse one

Coinbase and Gemini publish no cryptographic proof of reserves. Both are listed on Nasdaq, Gemini since September 2025, so they rely on audited financial statements and SEC filings instead, and Coinbase reports customer crypto assets in its quarterly filings. On a PoR-transparency ranking they place last simply because they don’t do PoR, but audited financials are a legitimate, arguably deeper form of financial transparency on a different schedule.

• Trade-off: in May 2025, Coinbase disclosed that bribed overseas support staff had leaked personal data of 69,461 customers, although no passwords or private keys were exposed. Gemini, a New York trust company regulated by NYDFS, closed its UK, EU and Australian accounts in April 2026.

Best for: US users who prefer regulated, audited financials over on-chain snapshots.

What proof of reserves can’t tell you

No matter how an exchange ranks above, keep the limits in view:

• A snapshot proves assets on one date, not liabilities outside customer balances, not that wallets weren’t borrowed for the snapshot, and not solvency.
• A ratio over 100% is reassuring, not a guarantee.
• A Merkle-tree check only confirms that your own balance was included. A zero-knowledge proof also shows the customer total was not understated, but no proof of reserves shows an exchange’s full balance sheet.
• In December 2022, Paul Munter, then the SEC’s acting chief accountant, warned investors not to put much confidence in a company’s claim that it has proof of reserves, according to The Block.
• For long-term holdings you aren’t trading, a self-custody wallet, such as a hardware wallet, removes exchange risk entirely.

In short: The most trustworthy proof of reserves is frequent, self-verifiable and consistently above 100%, but it’s still one input among regulation, track record and your own custody choices.

FAQ

Which crypto exchanges have proof of reserves in 2026?
OKX, Binance, Bybit, KuCoin, Bitget, Gate and Kraken publish proof of reserves in 2026, and their latest reports, checked on November 3, 2026, show Bitcoin reserves of at least 100% of customer balances. OKX, Binance, Bybit, KuCoin and Bitget report monthly. Crypto.com’s only report dates from December 2022, while Coinbase and Gemini rely on audited financial statements instead.

Which crypto exchanges are full reserve?
An exchange is full reserve when its holdings of each asset equal or exceed customer balances, a reserve ratio of 100% or more. In reports checked on November 3, 2026, OKX, Bybit, KuCoin, Bitget, Gate and Kraken showed at least 100% for Bitcoin, Ether and USDT. Binance showed at least 100% for ten tokens and says about 5% of stolen assets are still being replaced.

What does a reserve ratio of 100% mean?
A reserve ratio of 100% means an exchange held exactly as much of an asset in its wallets as its customers had on deposit at the snapshot time, so every unit was backed 1:1. Above 100% means a surplus. Binance’s October 31 snapshot showed 100.04% for Bitcoin, while Gate’s October 18 report showed 121.6%, the highest Bitcoin ratio in this ranking.

Which crypto exchange has the most transparent proof of reserves?
OKX ranks first in this November 2026 transparency ranking. It has published 49 monthly reports since late 2022 and uses a zk-STARK zero-knowledge proof that also checks liabilities. Binance uses a similar zk-SNARK proof every month but is still restoring full coverage after its October hack, while Bybit adds a Hacken attestation to every monthly report.

How often should an exchange publish proof of reserves?
Monthly is the strongest common cadence, because a quarterly report leaves about 90 days in which a shortfall could go unseen, while a monthly one narrows that gap to about 30 days. OKX, Binance, Bybit, KuCoin and Bitget publish monthly. Kraken’s latest public snapshot is from June 30, 2026, and Crypto.com has not updated its December 2022 report.

Who verifies crypto exchange proof of reserves?
It varies. Kraken uses an independent third-party accountant, Bybit lists security firm Hacken on every monthly report, and KuCoin shows a third-party audit report dated October 8, 2026, without naming the firm. OKX, Binance, Bitget and Gate publish their own figures with open-source verification tools. Crypto.com’s only check, by Mazars, covered balances on December 7, 2022.

Does Binance still have proof of reserves after the hack?
Yes. Binance took a new snapshot at 00:00 UTC on October 31, 2026, two days after the hack, showing Bitcoin reserves of 100.04% and Ether and USDT at 100%. On November 2 it said the zero-knowledge proof was complete for ten tokens, and it plans another snapshot covering more tokens on November 4. These figures are Binance’s own, with no audit firm named.

Does Coinbase have proof of reserves?
No. Coinbase does not publish a cryptographic proof of reserves, and neither does Gemini. Both are listed on Nasdaq, so they report through audited financial statements and quarterly SEC filings instead. Those filings cover the whole company, but on a slower schedule and without a way for customers to check their own balance in a Merkle tree.

Which crypto exchanges combine strong security with proof of reserves?
No exchange is risk-free. Kraken pairs an independent accountant’s review with incidents in which, it says, no customer funds were lost, and Bybit covered its 2025 hack and now publishes Hacken-attested monthly reports. Binance and Bitget were both hacked in late 2026 and said they would cover the losses themselves. Check security history alongside reserve ratios before choosing.

Is a high reserve ratio enough to trust an exchange?
No. A reserve ratio is a point-in-time signal: it shows the exchange held enough of an asset at the snapshot, not that it has no other debts or that the funds stayed put afterwards. Combine it with reporting frequency, outside verification, regulation and security history, and keep long-term holdings in a wallet you control yourself.

Can I check an exchange’s reserves myself?
Yes, on most exchanges that publish proof of reserves. You log in, copy your Merkle leaf or record ID from the proof-of-reserves page and check it with the exchange’s tool or an open-source verifier. OKX, Binance and Gate also publish zero-knowledge proofs, and most exchanges list wallet addresses you can check on a block explorer.

Can proof of reserves prevent exchange failures or fraud?
Not on its own. Frequent proof of reserves makes a shortfall harder to hide, but a snapshot cannot show other debts, borrowed funds or what happens after the snapshot date. In December 2022, the SEC’s then acting chief accountant warned investors not to put much confidence in proof-of-reserves claims. Treat it as one check alongside regulation, audited financials and security history.

The verdict

If you rank major exchanges purely on how transparently and how often they prove their reserves, the monthly, self-verifiable publishers come out on top, and OKX leads in November 2026, with 49 monthly reports and a zero-knowledge proof that also checks liabilities. Binance uses a similar method but is still restoring full coverage after its October hack. Bybit and KuCoin add outside checks to monthly reports, Bitget and Gate publish their own figures, Kraken trades frequency for an independent accountant, Crypto.com has not updated since 2022, and Coinbase and Gemini opt out of PoR for audited financials.

Pick based on what you weight most (frequency, third-party review or regulation), and remember that even the most transparent exchange is best paired with self-custody for anything you’re holding long term.

Always confirm current reserve ratios, cadences and verification tools on each exchange’s official PoR page before relying on them. Data sources: the proof-of-reserves pages of OKX, Binance, Bybit, KuCoin, Bitget, Gate, Kraken and Crypto.com (read November 3, 2026), Binance recovery updates #5 and #6, Bitget’s Protection Fund page, CoinMarketCap (Bitcoin price at 10:40 UTC on November 3, 2026), the US Justice Department, blockchain analytics firms TRM Labs and Chainalysis, The Block, Bloomberg, CoinDesk, and CryptoQuant via CryptoPotato.