Binance, the world’s largest cryptocurrency trade, and different exchanges introduced the proof-of-reserve system to attempt to restore confidence in crypto exchanges following the sudden chapter of FTX.
On this context, Binance and main exchanges publish reserve experiences at common intervals.
As these experiences proceed to emerge, CryproQuant has revealed itself to be probably the most clear trade when it comes to reserves.
Based on CryptoQuant knowledge, KuCoin obtained the best proof-of-reserve (PoR) transparency rating amongst main cryptocurrency exchanges.
CryptoQuant primarily based its rating on standards corresponding to reserves, buying and selling quantity, and transparency, whereas KuCoin scored 96.7 out of 100.
The rating additionally revealed a big distinction between the platforms. Based on CryptoQuant knowledge, some exchanges are nonetheless not totally clear.
Bybit ranked second with 93.2 factors, behind KuCoin, whereas Kraken got here in third with 88.55 factors.
They had been adopted by Mexc with 82.95 factors, BitMEX with 78.95 factors, Gate with 78.9 factors, Deribit with 75.91 factors, and Binance with 75.2 factors.
Coinbase ranked a lot decrease with a rating of 44.3.
In distinction, some exchanges obtained a lot decrease scores. For instance, BitFlyer scored solely 23.25 factors, Bitfinex 31.75 factors, and Crypto.com 23.75 factors, all rated with an E grade. Based on the analytics firm, this knowledge signifies that dangers nonetheless exist within the sector.
Based mostly on this knowledge, Binance stays the biggest trade when it comes to complete buying and selling quantity, with an estimated annual quantity of roughly $32.4 trillion in 2025.
*This isn’t funding recommendation.
