In this article · 6 sections
A proof of reserves is only meaningful if it compares what an exchange holds with what it owes its customers. Kraken, OKX, KuCoin, Bybit and Binance all publish a version that includes customer balances through a Merkle tree you can check your own account against. They differ on who verifies it, how often, and how recent the snapshot is. Coinbase publishes no proof of reserves in this form; as a US-listed company it files audited financial statements instead. Everything below was read from each exchange's own page on 13 October 2026.
The short answer
All five exchanges that publish one include customer liabilities, and every published ratio we found is above 100% for the main assets. The weak points are elsewhere: most pages do not name the firm that checks the figures, snapshots range from late April to the end of September, and no proof of reserves shows the company's other debts. Treat it as one useful signal, not a guarantee.
The tracker
Reserve ratio = assets the exchange holds in an asset ÷ what customers are owed in that asset, as published by the exchange. 'Not shown' means we could not find it on the page when we checked.
| Exchange | Liabilities included | Verified by | Latest snapshot | Published ratios |
|---|---|---|---|---|
| Kraken | Yes, Merkle tree of client balances | Independent accountant (not named on the page) | 30 Jun 2026 | BTC 102.9% · ETH 100.5% · SOL 100.6% · XRP 102.3% · ADA 100.3% · stablecoins 105%+ |
| OKX | Yes, Merkle tree with zk-STARK proofs | Not named on the page | Monthly reports (47th report) | BTC 109% · ETH 101% · USDT 105% |
| KuCoin | Yes, Merkle tree of user assets | 'Independent third party' (not named) | 30 Sep 2026 | BTC 109% · ETH 117% · USDT 110% |
| Bybit | Yes, Merkle tree | Hacken | 22 Apr 2026 (35th report, latest with detailed ratios we could verify) | BTC 109% · ETH 102% · USDT 107% · USDC 159% |
| Binance | Yes, Merkle tree with zk-SNARK proofs | Not named on the page | Not shown when we checked | Not shown per asset; states 1:1 backing |
| Coinbase | No Merkle-tree proof of reserves | Audited financial statements (US-listed company) | Quarterly SEC filings | n/a |
Sources: Kraken proof of reserves · OKX proof of reserves · KuCoin proof of reserves · Bybit 35th PoR report release, 30 Apr 2026 · Binance proof of reserves · Coinbase filings (SEC EDGAR)
What a proof of reserves proves
Two things, at one moment in time. First, that the exchange controlled certain on-chain wallets holding a given amount of each asset. Second, through the Merkle tree, that your own balance was counted in the total the exchange says it owes. If your balance is missing from the tree, that is a red flag worth raising with the exchange.
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What it does not prove
A proof of reserves is a floor, not a full audit. Read it alongside the exchange's licence, its incident history and how it handles withdrawals under stress.
- Other debts. Loans, unpaid bills or legal liabilities of the company sit outside the customer-balance tree
- Ownership over time. A snapshot shows holdings at one moment; it cannot rule out assets borrowed for the day
- Asset quality. A ratio above 100% in BTC says nothing about tokens the exchange holds in other assets
- Who checked it, when the page does not name the firm or link its report
- Safety from hacks. Reserves cover customer balances on one date; they do not stop a hot-wallet theft like Bitget's $387.5 million in September 2026
How to check your own balance in 2 minutes
Use only the exchange's own tool or an open-source verifier it links to. Never paste your password, API keys or recovery phrase into a 'proof of reserves checker' found through an ad or a message.
- Log in by typing the exchange's address yourself
- Find the proof-of-reserves or 'audit' section of your account (Binance: Wallet > Verification)
- Copy your record ID or Merkle leaf, and the published Merkle root
- Run the exchange's verification tool, or an open-source verifier if the exchange publishes one
- Check that the balance in the leaf matches your balance on the snapshot date, not today
How we maintain this page
We read each exchange's own proof-of-reserves page and use press releases only when the page does not load or does not show the figures, and we say so. We do not compute ratios ourselves. We recheck monthly and note the date in the table caption.
Keep reading
Quick answers
Which exchange has the best proof of reserves?
On what each publishes, OKX and Kraken give the most detail: OKX publishes monthly with zero-knowledge proofs, Kraken gives per-asset ratios with a clear snapshot date. Bybit is the only one that names its verifier on our list (Hacken). None of them proves the company has no other debts.
Does Coinbase have proof of reserves?
Not as a Merkle-tree attestation. Coinbase is listed in the US and publishes audited financial statements in its SEC filings, which include customer custodial funds. That is a different, broader kind of disclosure.
Is a reserve ratio above 100% enough?
It is necessary, not sufficient. It shows that, on the snapshot date, the exchange held at least as much of that asset as it owed customers. It does not cover other liabilities or what happened after the snapshot.