{
  "title": "Exchange proof of reserves tracker 2026",
  "description": "Which major crypto exchanges publish proof of reserves, how often, who checks it, the latest report we read and the reserve ratios it reported, with notes on what a proof of reserves does not show.",
  "publisher": "CoinVast Research",
  "canonicalPage": "https://coinvast.io/articles/exchange-proof-of-reserves-tracker",
  "dataUrl": "https://coinvast.io/data/proof-of-reserves.json",
  "license": "CC BY 4.0",
  "licenseUrl": "https://creativecommons.org/licenses/by/4.0/",
  "attribution": "CoinVast Research, https://coinvast.io/articles/exchange-proof-of-reserves-tracker",
  "contact": "info@coinvast.io",
  "lastFullCheck": "2026-10-23",
  "updatePolicy": "Re-checked when an exchange publishes a new report, changes its method or verifier, stops publishing, or closes. Ratios are replaced, not averaged; the previous figure moves to the changelog.",
  "methodologyNote": "reportedRatios are the exchange's own published figures for the snapshot date given, as stated in its release or in coverage of that release. A ratio is coins held divided by coins owed to users of that coin; above 1.0 means a buffer. Where two sources disagree, both are recorded in notes. A proof of reserves is not an audit: it does not show liabilities other than user balances, and it describes one day.",
  "summary": {
    "exchangesTracked": 8,
    "publishMonthly": 6,
    "publishQuarterly": 1,
    "noProofOfReservesAuditedFinancialsInstead": 1,
    "useZeroKnowledgeProofs": 2,
    "useOutsideChecker": 3,
    "longestMonthlyRun": "OKX, 47 consecutive reports by September 2026"
  },
  "exchanges": [
    {
      "exchange": "Binance",
      "method": "Merkle tree plus zk-SNARK proof",
      "frequency": "monthly",
      "verifier": "self published",
      "zeroKnowledge": true,
      "userInclusionCheck": true,
      "latestSnapshot": "2026-10-01",
      "reportedRatios": { "BTC": 1.0035, "ETH": 1.0, "USDT": 1.0388, "BNB": 1.0047 },
      "notes": "Merkle-only reports from November 2022; zk-SNARK proofs added in 2023. Its November 22, 2022 report by Mazars showed 101% on 575,742 BTC before Mazars paused crypto work in December 2022.",
      "sources": ["https://www.chaincatcher.com/en/article/2294416", "https://www.binance.com/en/proof-of-reserves"]
    },
    {
      "exchange": "OKX",
      "method": "Merkle tree plus zk-STARK proof with open source verifier",
      "frequency": "monthly",
      "verifier": "self published",
      "zeroKnowledge": true,
      "userInclusionCheck": true,
      "latestSnapshot": "2026-09",
      "reportNumber": 47,
      "reportedRatios": { "BTC": 1.09 },
      "primaryAssetsUsd": 27400000000,
      "notes": "Snapshot day reported as September 8, 2026 by one outlet; the 105% overall figure in other coverage is not a USDT-specific ratio.",
      "sources": ["https://www.okx.com/en-eu/proof-of-reserves", "https://www.cryptometer.io/news/okx-reports-27-4-billion-in-primary-assets-in-47th-proof-of-reserves-report/"]
    },
    {
      "exchange": "Bybit",
      "method": "Merkle tree",
      "frequency": "monthly",
      "verifier": "Hacken (security firm)",
      "zeroKnowledge": false,
      "userInclusionCheck": true,
      "latestSnapshot": "2026-09-23",
      "assetsInScope": 50,
      "reportedRatios": { "BTC": 1.04, "ETH": 1.03 },
      "notes": "Hacken report states all in-scope assets at 1:1 or better and over 65 million liability holders. May 27, 2026 report: BTC 108%, ETH 104%, USDT 106%. Reserves still exceeded liabilities after the February 21, 2025 hack of about USD 1.5 billion.",
      "sources": ["https://www.bybit.com/common-static/cht-static/por/Bybit_PoR_Audit_2026_Sep_23.pdf"]
    },
    {
      "exchange": "Bitget",
      "method": "Merkle tree with open source verification",
      "frequency": "monthly",
      "verifier": "self published",
      "zeroKnowledge": false,
      "userInclusionCheck": true,
      "latestSnapshot": "2026-09-29",
      "assetsInScope": 19,
      "reportedRatios": { "total": "1.31 to 1.35" },
      "notes": "Coverage expanded from 4 to 19 assets in September 2026. Bitget's support article gives 135%, its academy article 131% for the same month. August 2026: 122%. Separate Protection Fund of 5,500 BTC reported for August 2026. See the hack tracker for the September 24, 2026 incident.",
      "sources": ["https://www.bitget.com/support/articles/12560603895370", "https://www.bitget.com/academy/bitget-proof-of-reserves-expands-for-8th-anniversary"]
    },
    {
      "exchange": "KuCoin",
      "method": "Merkle tree",
      "frequency": "monthly",
      "verifier": "Hacken named in coverage; formerly Mazars (paused December 2022)",
      "zeroKnowledge": false,
      "userInclusionCheck": true,
      "latestSnapshot": "2026-10",
      "reportedRatios": { "majorAssets": "above 1.0" },
      "notes": "Coverage in October 2026 reports major assets above 100%; a mid-August 2026 figure of 127% and USD 8.215 billion total reserves appears in other coverage. Figures vary by source, so no per coin ratio is recorded.",
      "sources": ["https://cryptonews.net/news/market/33384896/", "https://www.kucoin.com/proof-of-reserves"]
    },
    {
      "exchange": "MEXC",
      "method": "third party verified reserve report",
      "frequency": "monthly",
      "verifier": "Hacken (security firm)",
      "zeroKnowledge": false,
      "userInclusionCheck": true,
      "latestSnapshot": "2026-10",
      "reportedRatios": { "BTC": 2.88, "USDT": 1.15, "USDC": 1.14, "ETH": 1.13 },
      "ratiosDate": "2026-08",
      "notes": "Per coin ratios are from the August 2026 release; the October 2026 release states reserves fully cover user holdings across major assets.",
      "sources": ["https://www.globenewswire.com/news-release/2026/08/14/3345182/0/en/mexc-s-august-2026-proof-of-reserves-confirms-user-assets-fully-backed-as-reserve-ratios-remain-above-100.html", "https://www.globenewswire.com/news-release/2026/10/16/3382411/0/en/mexc-releases-october-2026-proof-of-reserves-reinforcing-user-trust-through-verifiable-transparency.html"]
    },
    {
      "exchange": "Kraken",
      "method": "Merkle inclusion proof plus independent accountant attestation",
      "frequency": "quarterly",
      "verifier": "The Network Firm (accounting firm)",
      "zeroKnowledge": false,
      "userInclusionCheck": true,
      "latestSnapshot": "2026-06-30",
      "reportedRatios": { "BTC": 1.029, "ETH": 1.005 },
      "notes": "Snapshot date and ratios as reported in 2026 coverage; Kraken's own explainer says the attestation covers spot, margin, futures and staked client balances. One of the earliest exchanges to publish a proof of reserves.",
      "sources": ["https://blog.kraken.com/news/september-2025-proof-of-reserves", "https://www.kraken.com/proof-of-reserves"]
    },
    {
      "exchange": "Coinbase",
      "method": "no proof of reserves; audited financial statements",
      "frequency": "quarterly filings",
      "verifier": "Deloitte (financial statement audit)",
      "zeroKnowledge": false,
      "userInclusionCheck": false,
      "latestSnapshot": null,
      "reportedRatios": null,
      "notes": "Listed company; audited statements cover all assets and liabilities rather than a per coin reserve ratio.",
      "sources": ["https://investor.coinbase.com/financials/sec-filings/default.aspx"]
    }
  ],
  "notTabulated": [
    { "exchange": "Gate", "reason": "Publishes reserve reports, but September 2026 figures differed by about ten percentage points between sources and the report itself could not be read." },
    { "exchange": "BitMEX", "reason": "Closed on 2026-09-23; see https://coinvast.io/articles/exchange-shutdown-tracker-2026" }
  ],
  "whatItDoesNotShow": [
    "Liabilities other than user balances, such as loans or legal claims.",
    "Anything after the snapshot day; coins can be borrowed for the snapshot.",
    "Negative balance accounts in a plain Merkle tree, unless a zero knowledge proof rules them out.",
    "Coverage of one coin by another; ratios are per coin."
  ],
  "howToReadAReport": [
    "Find the snapshot date, not the publication date.",
    "Read the ratio for the coins you actually hold.",
    "Check who checked it and what they say they did not check.",
    "Verify your own balance with the exchange's inclusion tool.",
    "Compare with previous months for drift, narrowing coverage or missed reports."
  ],
  "changelog": [
    { "date": "2026-10-23", "note": "Tracker published with 8 exchanges; Gate and BitMEX listed as not tabulated." }
  ]
}