Data reportTrust
Proof of reserves: 14 of 20 exchanges publish figures — 8 monthly, 4 name an outside auditor
What each of 20 exchanges discloses about its reserves, as read on its official proof-of-reserves page or report: the method used, how often it reports, whether a verifying firm is named, how many assets are covered and the latest BTC, ETH and USDT reserve ratios. Figures are the exchanges’ own snapshots. No safety judgement is made.
Published byGrace Hsu
Data reviewed byJason Lee About us → Key takeaways
- 14 of 20 exchanges publish proof-of-reserves figures we could record from their official pages.
- 2 more (Bitfinex, Deribit) state that they publish proof of reserves, but we have not recorded figures for them; 4 (BitoPro, Bitstamp, Gemini, MAX Exchange) have no confirmed disclosure on file.
- 10 use a Merkle-tree proof, 2 use zero-knowledge proofs and 2 publish a third-party attestation.
- 8 report monthly and 1 quarterly; for 5 the frequency is not stated on the official page.
- 4 of 14 name an outside verifying firm (Bybit · Hacken, Crypto.com · Mazars Group, MEXC · Hacken, WhiteBIT · Hacken); the remaining 10 are the exchange’s own disclosure.
- Confirmed BTC reserve ratios run from 100.16% to 507% with a median of 109% (13 exchanges); a total ratio across all covered assets is disclosed by 3.
- 2 latest report(s) are at least three months older than the check date (six for quarterly reporters): Crypto.com (December 2022), WhiteBIT (November 2024).
01Who publishes what
One row per exchange, alphabetical. “Method” is how the exchange lets users verify inclusion of their balance; “Frequency” and “Since” are as stated on the official page, left unconfirmed where they are not stated. “Auditor” is the outside firm named in the report, if any. Exchanges that state they publish proof of reserves but whose figures we have not recorded follow, then those with no confirmed disclosure.
| Exchanges | Method | Frequency | Auditor | Assets covered | Latest report | Since | Source |
|---|---|---|---|---|---|---|---|
| Binance | Zero-knowledge proof | Not confirmed | None named | Not confirmed | September 2026 | November 2022 | binance.com |
| BingX | Merkle tree | Monthly | None named | 4 | September 2026 | Not confirmed | bingx.com |
| Bitget | Merkle tree | Monthly | None named | 19 | September 2026 | December 2022 | bitget.com |
| BTCC | Merkle tree | Monthly | None named | 6 | September 2026 | April 2025 | btcc.com |
| Bybit | Merkle tree | Monthly | Hacken | 50 | September 2026 | Not confirmed | bybit.com |
| Crypto.com | Third-party attestation | Not confirmed | Mazars Group | 9 | December 202246 months before check | December 2022 | crypto.com |
| Gate.io | Merkle tree | Not confirmed | None named | Not confirmed | September 2026 | Not confirmed | gate.com |
| HTX | Merkle tree | Monthly | None named | 8 | September 2026 | Not confirmed | htx.com |
| Kraken | Merkle tree | Quarterly | None named | 8 | June 2026 | March 2014 | kraken.com |
| KuCoin | Merkle tree | Not confirmed | None named | 4 | September 2026 | Not confirmed | kucoin.com |
| MEXC | Merkle tree | Monthly | Hacken | Not confirmed | September 2026 | Not confirmed | blog.mexc.com |
| OKX | Zero-knowledge proof | Monthly | None named | 22 | September 2026 | November 2022 | okx.com |
| Phemex | Merkle tree | Monthly | None named | 8 | October 2026 | November 2022 | phemex.com |
| WhiteBIT | Third-party attestation | Not confirmed | Hacken | Not confirmed | November 202423 months before check | Not confirmed | cdn.whitebit.com |
| Bitfinex | States that it publishes proof of reserves; figures not recorded in our data | bitfinex.com | |||||
| Deribit | States that it publishes proof of reserves; figures not recorded in our data | insights.deribit.com | |||||
| BitoPro | Not confirmed | ||||||
| Bitstamp | Not confirmed | ||||||
| Gemini | Not confirmed | ||||||
| MAX Exchange | Not confirmed | ||||||
Source: CEX Compare, from official exchange sources (checked 2026-10-06)
02Reserve ratios for BTC, ETH and USDT
The ratio of reported reserves to reported user balances for each asset, as shown in the latest official report. A value above 100% means the exchange reports holding more of that asset than its users’ balances. “Total” is the ratio across all covered assets where the exchange discloses one. Lowest, median and highest are computed over confirmed values only — exchanges that disclose only “above 100%” or omit an asset are not counted.
| Exchanges | Total | BTC | ETH | USDT | Latest report |
|---|---|---|---|---|---|
| Binance | — | 100.16% | 100% | 102.91% | September 2026 |
| BingX | — | 146.52% | 128.32% | 122.17% | September 2026 |
| Bitget | 131% | 142% | 110% | 107% | September 2026 |
| BTCC | — | 137% | 147% | 165% | September 2026 |
| Bybit | Each asset shown only as “>100%” | September 2026 | |||
| Crypto.com | — | 102% | 101% | 106% | December 2022 |
| Gate.io | 117% | 120.31% | 123.59% | 114.25% | September 2026 |
| HTX | — | 104% | 102% | Not confirmed | September 2026 |
| Kraken | — | 102.9% | 100.5% | Not confirmed | June 2026 |
| KuCoin | — | 109% | 117% | 110% | September 2026 |
| MEXC | — | 297% | 111% | 119% | September 2026 |
| OKX | — | 109% | 101% | 105% | September 2026 |
| Phemex | — | 103.13% | 123.79% | Not confirmed | October 2026 |
| WhiteBIT | 238% | 507% | 269% | 108% | November 2024 |
| Lowest | 117% | 100.16% | 100% | 102.91% | |
| Median | 131% | 109% | 111% | 109% | |
| Highest | 238% | 507% | 269% | 165% | |
| Confirmed | 3/14 | 13/14 | 13/14 | 10/14 | |
Source: CEX Compare, from official exchange sources (checked 2026-10-06)
03The landscape in counts
How the 14 exchanges with recorded figures divide by method, reporting frequency, named auditor and report age. Each line lists the exchanges it counts, so every number can be traced back to Exhibit 1.
| Practice | Exchanges | Exchanges |
|---|---|---|
| Merkle tree | 10/14 | BingX, Bitget, BTCC, Bybit, Gate.io, HTX, Kraken, KuCoin, MEXC, Phemex |
| Zero-knowledge proof | 2/14 | Binance, OKX |
| Third-party attestation | 2/14 | Crypto.com, WhiteBIT |
| Monthly | 8/14 | BingX, Bitget, BTCC, Bybit, HTX, MEXC, OKX, Phemex |
| Quarterly | 1/14 | Kraken |
| Frequency not stated | 5/14 | Binance, Crypto.com, Gate.io, KuCoin, WhiteBIT |
| Outside auditor named | 4/14 | Bybit, Crypto.com, MEXC, WhiteBIT |
| No auditor named | 10/14 | Binance, BingX, Bitget, BTCC, Gate.io, HTX, Kraken, KuCoin, OKX, Phemex |
| Total ratio disclosed | 3/14 | Bitget, Gate.io, WhiteBIT |
| Per-asset ratios only | 10/14 | Binance, BingX, BTCC, Crypto.com, HTX, Kraken, KuCoin, MEXC, OKX, Phemex |
| “Above 100%” only | 1/14 | Bybit |
| Latest report within the stated cadence | 12/14 | Binance, BingX, Bitget, BTCC, Bybit, Gate.io, HTX, Kraken, KuCoin, MEXC, OKX, Phemex |
| Latest report ≥3 months before check (≥6 for quarterly) | 2/14 | Crypto.com, WhiteBIT |
Source: CEX Compare, from official exchange sources (checked 2026-10-06)
04Method and limits
Every figure is read from the exchange’s own proof-of-reserves page or the report hosted on its domain, on the check date shown above; nothing is taken from third-party dashboards. A reserve ratio is a snapshot of on-chain holdings against the user balances the exchange chooses to include, and the covered assets, liabilities scope and verification method differ between exchanges — the table is a record of what is disclosed, not a measure of solvency. This site does not score exchanges on it. Per-exchange detail, including protection funds and licences, is in the safety reports linked from each row.
Frequently asked questions
Which crypto exchanges publish proof of reserves?
Of the 20 exchanges we track, 14 publish reserve figures we recorded from their official pages (checked 2026-10-06): Binance, BingX, Bitget, BTCC, Bybit, Crypto.com, Gate.io, HTX, Kraken, KuCoin, MEXC, OKX, Phemex, WhiteBIT. 2 more state that they publish proof of reserves without figures recorded here (Bitfinex, Deribit).
Which exchanges have their proof of reserves verified by an outside firm?
4 of 14 exchanges with recorded figures name an outside verifying firm in their report: Bybit · Hacken, Crypto.com · Mazars Group, MEXC · Hacken, WhiteBIT · Hacken. The others publish the figures themselves, usually with a Merkle-tree or zero-knowledge tool for users to check their own balance.
Does a reserve ratio above 100% mean an exchange is safe?
This report does not say. The ratio is a snapshot the exchange publishes for the assets it chooses to cover, and it does not show other liabilities, custody arrangements or what happens between snapshots. The report records what is disclosed and how it is verified, without a safety judgement.
Every answer is generated from the values above and their official sources — nothing is added that the data does not show.
About this report
This report is built only from the verified figures on this site. Every number links to an official source, and the data is reviewed by Jason Lee. It is information, not investment advice. About us →