Binance set the standard for transparency in 2025 with a consistent proof of reserves (PoR) ratio, boosting user trust while other major exchanges lagged behind.
Proof of Reserves (PoR) is an important transparency mechanism used by cryptocurrency exchanges to demonstrate that their holdings are sufficient to cover customer deposits. PoR is provided through cryptographic proof, assuring customers that the exchange is not operating on a fractional reserve and is a responsible custodian of assets.
After the collapses of exchanges and legal challenges at major exchanges like FTX, cryptocurrency holders have become very interested in exchange transparency. Therefore, a good and consistent PoR report is key to gaining user trust as exchanges self-promote. A recent report by Cryptoquant highlighted Binance as the winner in the YTD transparency race.
According to on-chain data, Binance has maintained a reserve ratio of over 100% from February 2023 to June 2025. As of June 2025, the exchange's reserve ratio was 102.13% with a peak value of 118.82% in May 2023. Thanks to continuous and regular public reports, Binance has maintained a high level of user trust and is strategizing to elevate the new market to new heights.
OKX increased in value after Binance with a stable value (104%) and slight monthly fluctuations signaling the transparency of abatantinal. On the other hand, Bybit had strong reports until October 2024, when the company stopped reporting publicly for several months. As of May 2025, the company had 107%, with the value increasing to 108% in June.
Kranken and Coinbase have minimal data or are likely to be lacking in most months with short transparent seasons. For example, Kranken had a reserve rate of 112.6% in December 2023 but lacked consistency in its reporting. Coinbase shows 0% across the board, leading many to doubt its transparency. Overall, Binance and OKX seem to support transparency as cryptocurrency adoption increases, thus pioneering the industry's maturation journey.
