Two years ago, FTX exchange went bankrupt due to its inability to maintain sufficient reserves. This highlighted the need for greater transparency and reliable reserve reporting among crypto exchanges. CryptoQuant conducted a study on the state of exchange proof-of-reserves (PoR) and found that major exchanges have seen their Bitcoin reserves grow, except for Coinbase which does not publish PoR reports. Binance, Bitfinex, and OKX hold the majority of Bitcoin reserves, with Binance experiencing the least amount of decrease in reserves over time. While there is still work to be done in terms of transparency, the industry is moving towards improving and increasing users' trust in exchanges.



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