Exchange Proof of Reserves Tracker: Frequency, Reserve Ratios, Third Parties and Liabilities at 14 Exchanges (Updated Monthly)

This is a proof of reserves tracker: the latest proof of reserves (PoR) from 14 international exchanges in one table, with the snapshot date and official source in every cell, updated once a month. Most English comparison tables of this kind have no snapshot dates and no links to the original reports, and I had not seen any cross-exchange comparison in Chinese, so I put this one together.

The short version: 13 of the 14 publish user liabilities (as a Merkle tree), and only Binance, OKX and Gate also use zero-knowledge proofs to check total liabilities. Bitfinex only publishes wallet addresses, so no reserve ratio can be calculated. Where the table says “third party”, what was verified also differs: each snapshot, code, or a 2022 accountants’ report. A reserve ratio of 100% or more only means the coins in the wallets covered user balances at the moment of the snapshot. It does not include the exchange’s other liabilities, and it is not an audit.

This article is a compilation of information and is not investment advice. Reserve ratios are data the exchanges published themselves, or had verified, at the time of the snapshot, and say nothing about what happened afterwards. Every figure in the table is dated; check the exchange’s current page before relying on it.

This page only tracks. How proof of reserves is calculated, how Merkle trees and zero-knowledge proofs work, and how to verify your own account are covered in “How to Check Proof of Reserves”.

Proof of reserves tracker for 14 exchanges

This table is updated monthly; last updated 2026-10-12. Each exchange’s figures are from the latest snapshot on its official page or in its official data. The check dates are shown above the table and in the source column, and “n/a” means the official data could not be retrieved or was not published:

Data checked: 2026-10-08

What each column means:

What a reserve ratio of 100% or more means, and what it does not

The reserve ratio is the exchange’s wallet holdings of a coin divided by what users hold of the same coin on the platform. At 100% or more, the exchange held enough of that coin at the moment of the snapshot to pay out every user’s holdings of it.

What it does not mean is spelled out in the March 2023 investor advisory from the US Public Company Accounting Oversight Board (PCAOB): a proof of reserves is not an audit. It cannot show liabilities beyond user balances, whether assets were borrowed or pledged, or what changed after the snapshot (PCAOB). So a high figure in the table only means better transparency and better coverage at the time of the snapshot. It cannot be used to conclude that an exchange will not run into trouble.

When I read this table, I check three things first:

• Look at the coin you hold, not just the total. A combined figure can use one coin’s surplus to cover another coin’s shortfall; for an example, see HTX’s USDT in “How to Check Proof of Reserves”.
• Look at the date. If the snapshot is several months old, however good the figures look, they are old data.
• Check that the liabilities side is there. With only wallet addresses and no user liabilities, no reserve ratio can be calculated.

Who publishes liabilities: verification methods and third parties at 14 exchanges

The tracker marker does not yet have columns for “verification method” and “what the third party verified”, so I have put those two items in the table below. “User liabilities” means the exchange publishes all user balances as a Merkle tree so users can verify them; “zero-knowledge proof” means that, on top of the Merkle tree, the exchange also proves there are no negative balances and that the total adds up (how it works is in “How to Check Proof of Reserves”).

“Not seen” means I did not find it on the official pages or in announcements; it does not mean it definitely does not exist. The methods for OKX, Gate, Bitget and KuCoin were rechecked against their official pages on 12 October 2026; the others are based on official pages and announcements checked on 8 and 9 October 2026.

13 publish “user liabilities”, but none include other liabilities

In total, 13 exchanges publish user liabilities, so users can confirm their balances were counted. Bitfinex is the only one with assets and no liabilities, and its wallet list has not been updated since December 2022. But for all 13, “liabilities” means only user balances on the platform; money the exchange has borrowed and its other debts are not included. This is a limitation of proof of reserves itself, not of any one exchange.

Also, with a Merkle tree alone, an exchange could in theory add fake accounts with negative balances to push total liabilities down. Zero-knowledge proofs are there to close that gap (Vitalik Buterin’s original post). Only 3 of the 14 have taken this step.

“Third parties” verify different things

Hacken is the name given for Bybit, MEXC and Gate alike, but for Bybit and MEXC it verifies each snapshot, while for Gate it was a single code review in early 2024. KuCoin’s page now only says “independent third party”, and Pionex’s most recent accountants’ report covers a snapshot from almost four years ago. When comparing, what matters is whether the latest snapshot was verified, not whether a verifier’s name appears on the page. The accounting firm Mazars stopped producing this kind of report for crypto exchanges back in December 2022 (CNBC).

What to watch for in the monthly updates

A single snapshot only tells you the situation at that moment; you need several in a row to see a trend. In each monthly update I compare these things:

How exchanges handled incidents and how much users got back is covered in “Centralized Exchange Incident Timeline”.

From 13 October 2026, the tracker keeps the previous snapshot’s reserve ratios and calculates the change automatically. For now, only HTX’s USDT has a previous figure; for the other exchanges, comparisons start with the November update. “N days old when checked” is counted to the day I checked, not to today when you are reading this page.

How the table is updated, and changelog

This table is updated monthly; last updated 2026-10-12. The tracker uses the same data as the other exchange articles on this site, so one change updates the whole site. Each exchange’s figures are taken directly from its official proof of reserves page or official reports; where there is no official date, it says “n/a”, and wallet balances from third-party websites are not used as a substitute.

Changelog

• 2026-10-13: Added the “Liabilities published” column, comparison with the previous snapshot, and snapshot age to the table; added HTX’s 1 August USDT figure of 77% as its previous snapshot.
• 2026-10-12: Tracker created. Data for 13 of the exchanges in the table was checked on 8 October 2026 and Pionex on 9 October; the verification method and third-party columns were rechecked against the official pages of OKX, Gate, Bitget and KuCoin on 12 October, and OKX’s page was still its 47th report, with the same figures as the table. WEEX’s ratios only load live when the page is opened, so there is no dated snapshot yet. Pionex’s official proof of reserves page could not be opened when I checked, so the table shows the 2022 accountants’ report.

Download the data and the rating method

Proof of reserves is the main basis for the “Security & reserves” item (20% weight) in this site’s exchange ratings: monthly publication, per-coin reserve ratios, self-verification and third-party verification all affect the score. The scoring rules are in “Exchange Rating Methodology”.

Each exchange’s total score, nine item scores and latest proof of reserves snapshot date are also available as a JSON download. It is the same data as this page and is updated at the same time. If you cite it, please credit Jason Finance and the date the data was checked, and link back to this page.

Before deciding which exchange to keep assets on, you can read “How to Choose a Crypto Exchange”. However high the reserve ratio, keep long-term holdings in a wallet where you hold the private keys, and leave only what you need on the exchange.

FAQ

Which exchanges publish user liabilities, so a reserve ratio can be calculated?

13 of the 14 publish user liabilities as a Merkle tree, and Binance, OKX and Gate add zero-knowledge proofs on top. Bitfinex only publishes a list of wallet addresses on GitHub, with no user liabilities, so no reserve ratio can be calculated.

Does a reserve ratio above 100% mean an exchange has no problem with its liabilities?

No. The reserve ratio compares the coins in the exchange's wallets with user balances; money the exchange has borrowed and its other debts are not included. It is also only a snapshot at one point in time, and you cannot see how the assets moved after the snapshot.

Is a proof of reserves verified by a third party an audit?

No. The "third parties" in the table do different things: Hacken verified Bybit's and MEXC's September 2026 snapshots; the Hacken report listed on Gate's page reviewed code; Pionex's is a 2022 agreed-upon procedures report by accountants. The US PCAOB warns that none of these reports is a financial audit.

How long without an update should a proof of reserves worry me?

For an exchange that used to publish monthly, two or three months without a new snapshot is worth noting. Also check whether the figures actually change: XT.COM's snapshots of 4 July and 5 August 2026, for example, had exactly the same figures, and the exchange gave no explanation.

How often is this tracker updated?

Once a month; the last update was on 12 October 2026. Every figure comes from each exchange's official pages, the check dates are shown above the table and in the source column, and each update is described in the changelog at the end.