How proof of reserves works
- Assets: the exchange shows it controls certain wallet addresses and their balances, often by signing messages with them.
- Liabilities: it builds a list of customer balances, often as a cryptographic tree so customers can check their own entry.
- Comparison: assets are compared with liabilities, coin by coin, at one point in time.
- Review: some exchanges have a third party review the process.
What proof of reserves does not show
- Liabilities outside the customer list, such as loans the exchange owes.
- Whether the assets were borrowed just for the snapshot.
- What happens between snapshots.
- The quality of the exchange's controls and governance.
A proof of reserves report is useful evidence, but it is not a full audit of an exchange's finances.
Proof of reserves among listed providers
| Exchange | Type | Proof of reserves |
|---|---|---|
| Kraken | Exchange | Yes |
| Crypto.com | Exchange | Yes |
| OKX | Exchange | Yes |
| Bit2Me | Exchange | – |
| bitFlyer Europe | Exchange | – |
| Bitpanda | Broker app | – |
| Bitvavo | Exchange | Yes |
| eToro | Broker app | – |
| SwissBorg | Broker app | Yes |
| Revolut | Broker app | – |
| Bitstamp | Exchange | – |
| Blockchain.com | Broker app | – |
| Trade Republic | Broker app | – |
| Coinmotion | Broker app | – |
| Gate EU | Exchange | – |
| Robinhood | Broker app | – |
| Bybit EU | Exchange | – |
| Northcrypto | Broker app | – |
| Coinbase | Exchange | – |
| Backpack EU | Exchange | Yes |
Proof of reserves as stated on each provider's own website, checked 24 October 2026. A dash means not yet verified.
Kraken, Crypto.com, OKX, Bitvavo and Backpack EU state on their own sites that they publish proof of reserves; Bitvavo says its quarterly reports are prepared by The Network Firm, an independent accounting firm.
Proof of reserves and the Reliability Score
A published proof of reserves earns half of the Transparency part of the Reliability Score, and a published fee schedule earns the other half.
Checking your balance in a proof of reserves
If the exchange offers it, you can usually check that your own balance was included in the snapshot through your account settings.
Proof of reserves: assets and liabilities
What it holds
Wallet balances the exchange can prove it controls.
What it owes customers
The sum of customer balances, coin by coin.
A meaningful report compares both; a report that shows only assets says little about whether customers are covered.
Proof of reserves: questions to ask about a report
- Does it include customer liabilities, and can I check my own balance?
- Who reviewed it, and what did the reviewer actually check?
- How often is it published?
- Does it cover all coins, or only some?
- Does it say anything about the exchange's other debts?
Proof of reserves and MiCA
MiCA's protections come from segregation, custody rules, supervision and governance requirements rather than from proof of reserves reports.
Reports are a voluntary addition that some exchanges publish, and they are best read as one piece of evidence among several.
Proof of reserves: frequency matters
A report is a snapshot of one moment.
Frequent reports, such as the daily proof of reserves Backpack EU describes on its homepage, give a more continuous picture than an occasional one, but the same questions about liabilities and scope apply.
Proof of reserves: how a customer can check their balance
- Log in to your exchange account.
- Find the proof of reserves section, if the exchange offers one.
- Look up your record, usually shown as a code or a hashed identifier.
- Check that your balance at the snapshot date is included.
- Use the verification tool the exchange provides, or an independent one if documented.
If your balance is missing or wrong, contact the exchange through its official support.
Proof of reserves: what a strong report includes
| Element | Why it matters |
|---|---|
| Assets, coin by coin | Shows the exchange holds the same coins it owes |
| Liabilities to customers | Shows what must be covered |
| Reserve ratio | Assets divided by liabilities for each coin |
| Independent review | An outside party checked the process |
| Date and frequency | Shows how current the picture is |
| Customer verification | Lets you confirm your balance is counted |
Proof of reserves: a ratio example
Example: an exchange owes customers 1,000 BTC and controls wallets holding 1,050 BTC at the snapshot.
Its reserve ratio for bitcoin is 105%, meaning customer balances were covered at that moment.
Illustrative figures.
The ratio says nothing about other debts the exchange might have, or about what happens after the snapshot.
Proof of reserves among listed providers
Of the providers on this site, Kraken, Crypto.com, OKX, Bitvavo and Backpack EU state on their own websites that they publish proof of reserves, and SwissBorg refers to a proof of liabilities tool.
Kraken's page showed a snapshot dated 30 June 2026 when checked, Crypto.com's EEA page names Mazars Group as verifier, and Bitvavo names The Network Firm as the firm behind its quarterly reports.
From the providers' own pages, checked 24 October 2026.
Proof of reserves and your own choices
A published report is a positive sign of transparency, and it earns half of the Transparency part of the Reliability Score.
It does not replace the basic protections: an authorised exchange, strong account security and keeping only what you need on any platform.
Proof of reserves: common misunderstandings
| Misunderstanding | Reality |
|---|---|
| "It is a full audit" | It usually checks reserves against customer balances, not the whole business |
| "It proves the exchange is solvent" | It shows coverage of customer balances at one moment, not all debts |
| "It protects my coins" | It is information, not protection; segregation and custody rules protect |
| "No report means a problem" | Not necessarily; it is voluntary, but its absence removes one source of reassurance |
Proof of reserves: how often to look
Most customers do not need to check every report.
A look once or twice a year, or when you hear worrying news about an exchange, is usually enough, together with your own habit of keeping only what you need on the platform.
Proof of reserves and stablecoins
Stablecoin issuers publish their own reserve reports, which are a different thing from an exchange's proof of reserves.
Under MiCA, issuers of e-money tokens and asset-referenced tokens are subject to specific reserve and redemption rules, as the guide to stablecoins under MiCA explains.
Proof of reserves: a practical conclusion
Treat a proof of reserves report as a sign of transparency, check that it includes liabilities, verify your own balance if you can, and keep relying on authorisation, segregation and your own limits as the main protections.
Proof of reserves: questions readers ask
Why do some exchanges not publish proof of reserves? It is voluntary, it takes work, and some exchanges rely on other forms of reporting; absence alone does not mean a problem.
Can an exchange fake a proof of reserves? A weak report can mislead, for example by leaving out liabilities or borrowing assets for the snapshot, which is why independent review and customer verification matter.
Is a reserve ratio above 100% always good? It means assets exceeded customer balances at the snapshot, but other debts and later changes are not shown.
Should proof of reserves decide which exchange I use? It is one useful signal; authorisation, segregation rules, terms and your own security habits matter more.
Where do I find the reports? Usually on a dedicated page of the exchange's website; this site links to the pages it has checked.
Proof of reserves: a short checklist
- The report shows assets and customer liabilities coin by coin.
- An independent party reviewed it, and its role is described.
- The snapshot date is recent.
- You can verify that your own balance was included.
- The exchange explains what the report does not cover.
A report that meets these points is a useful sign of openness; one that does not still tells you something, mainly about what is left unexplained.
Either way, combine it with the other checks in the crypto exchange safety checklist.
More on proof of reserves and related safety tools
Safety works best as a set of habits, and each guide and tool below covers a different part of the picture around proof of reserves.
Use them together: check the firm, check the offer, secure your account and know what to do if something goes wrong.
If you remember one thing from this page, make it this: check before you send, and never let urgency decide for you.
Frequently asked questions
What is proof of reserves?
A report showing that an exchange held crypto at least equal to customer balances at a point in time.
Does proof of reserves mean an exchange is safe?
It is useful evidence, but it does not show all liabilities or what happens between snapshots.
Which exchanges publish proof of reserves?
The table shows the listed providers whose own sites state that they publish one.
Can I check my own balance?
Often yes, through a verification tool in the exchange account, if the exchange provides one.
Is proof of reserves required by MiCA?
MiCA requires segregation and custody rules; proof of reserves reports are published voluntarily by exchanges.
Sources
Every figure on this page is checked against the ESMA register, the exchange's own terms and fee pages or another primary source, and the sources are listed above. Editorial policy · How we rate