CryptoQuant: Coinbase is the only major cryptocurrency exchange that still does not provide PoR reports

According to CryptoQuant’s latest report, among the top exchanges in terms of total Bitcoin reserves, Coinbase is the only one that still does not provide a public proof of reserve (PoR) report. All other major exchanges provide regular PoR reports with varying levels of transparency. For example, Binance provides a comprehensive PoR, including: 1. Public on-chain addresses for anyone to verify cryptocurrency holdings (Proof of Assets, PoA); 2. Each user can verify that their account balance is included in the overall calculation of the exchange’s liabilities (user deposits); 3. The report includes assets other than Bitcoin and Ethereum, which were the first assets initially reported by the exchange. The report believes that public addresses are particularly important for market stakeholders to track asset flows and improve industry trust and transparency. In addition, even after facing regulatory pressure from US authorities in 2023, Binance’s Bitcoin reserves grew by 28,000 BTC (or 5%) to 611,000 BTC. In addition, Binance has the lowest reserve decline rate among major exchanges, never exceeding 16%. Since the collapse of FTX in November 2022, only Bitfinex and Binance among the major exchanges have shown an upward trend in their Bitcoin reserves. Other exchanges such as OKX, Bybit, and KuCoin release PoR every month, allowing users to audit their reserves to ensure their solvency.