Crypto exchange proof of reserves compared: 10 exchanges
Who publishes one, how recent it is, who checked it and whether liabilities are included. Each row links the exchange page we read.
| Exchange | Proof of reserves | Latest date found | Checked by | Liabilities included | Source |
|---|---|---|---|---|---|
| KuCoin | Published | 2026-09-30 | not named | Yes | sourceDetailsMerkle tree of user assets compared with published on-chain wallet balances Page says 'independent institutions' verify but names no auditor. Published ratios: BTC 109%, ETH 117%, USDT 110%, USDC 127%. |
| Bitget | Published | 2026-08* | not named | Not verified | sourceDetailsMerkle tree; open-source MerkleValidator for user inclusion check Reserve ratio 122% for August 2026; 45th monthly disclosure; sponsored press release; no auditor named, release says it is not a financial audit. |
| Kraken | Published | 2026-06-30 | not named | Yes | sourceDetailsMerkle tree of anonymized client balances plus signatures proving control of on-chain addresses, checked by an independent accountant Page does not name the accountant. In-scope assets per FAQ: BTC, ETH, SOL, USDC, USDT, XRP (reserve table also lists ADA, USDG); liabilities include spot, staking, margin and futures collateral for those assets only. |
| Bybit | Published | 2026-05-27 | Hacken | Yes | sourceDetailsMerkle tree proof of liabilities plus on-chain wallet ownership proof and reserve calculation, verified by Hacken Snapshot date from Bybit press release of 9 June 2026: reserve ratios USDT 106%, USDC 164%, BTC 108%, ETH 104%. Covers listed major assets only. Bybit's own PoR page could not be read (JS-rendered). |
| Crypto.com | Published | 2022-12-09 | Mazars | Not verified | sourceDetailsAuditor-overseen comparison of on-chain addresses under company control with customer balances Customer balances compared; no statement on other liabilities. Mazars paused such reports in 2022. Crypto.com's current PoR page needs JavaScript; newer reports not verified. |
| Binance | Published | – | not named | Not verified | sourceDetailsMerkle tree with zk-SNARK proofs; users verify inclusion via Wallet > Verification page Page fetched shows blank 'Audit Time' and names no auditor or total liabilities figure; states all user assets held 1:1. |
| OKX | Published | – | not named | Yes | sourceDetailsMerkle tree of account snapshots with zk-STARK proof; user inclusion check; open-source validator Page shows '47th Proof of Reserves' with per-asset account (liability) vs wallet assets, all ratios >=100% (e.g. BTC 109%, USDT 105%); no report date shown in fetched text; no independent auditor named. |
| Bitpanda | Not verified | 2022-11-18 | KPMG (2022 report) | Not verified | sourceDetailsKPMG agreed-upon procedures (2022): cold-storage holdings compared with customer holdings for BTC, ETH, ADA, XRP, DOGE Secondary source. Bitpanda academy page says holdings are 'regularly reviewed by a third party' and results available on request via support; no auditor or date stated there. No more recent report verified. |
| Bitstamp by Robinhood | Not verified | – | not named | Not verified | DetailsNo Bitstamp proof-of-reserves page found in search. |
| Coinbase | Not verified | – | not named | Not verified | DetailsNo Coinbase exchange proof-of-reserves page found in searches; the coinbase.com/proof-of-reserves URL returned 404. Not concluded as 'no'. |
As of 7 Oct 2026. A * marks a date that is approximate or is the month only. "None found" means none found in our search. "Not verified" means we could not confirm it with the sources we could read. A proof of reserves is evidence, not a guarantee. Nothing here is investment advice.
See the full Exchange Rigor Report for regulation, security record and fees.
Questions about proof of reserves
Which crypto exchanges publish proof of reserves?
Among the 10 exchanges in our audit, 7 publish a proof of reserves we could confirm: KuCoin, Bitget, Kraken, Bybit, Crypto.com, Binance and OKX. We could not verify Bitpanda, Bitstamp by Robinhood and Coinbase.
Is proof of reserves the same as an audit?
No. A proof of reserves usually shows that an exchange controls certain on-chain assets at a point in time and compares them with customer balances. It is not a full financial audit, it may cover only some assets, and it says little about debts or about what happens between snapshots.
What should I check in a proof of reserves?
Whether liabilities (what the exchange owes customers) are included, which assets are covered, who checked it, how recent it is, and whether you can verify your own balance. Each row above shows what we could confirm.
Does a proof of reserves mean my funds are safe?
No. It is one piece of evidence. Security record, regulation and how past incidents were handled matter too. See the Exchange Rigor Report for all of them side by side.