KuCoin's latest proof of reserves is the September 30, 2026 snapshot: BTC reserve ratio 109%, ETH 117%, USDT 110% and USDC 127%, so wallet assets exceed user assets for all four main coins. KuCoin publishes a Merkle-tree report every month, and you can confirm your own balance was included by clicking Verify Now on the proof of reserves page (checked October 2026).
Proof of reserves (PoR) answers one question: does the exchange hold enough coins in its wallets to cover what it owes users on its books? Using the figures on KuCoin's official PoR page, this article lists user assets, wallet assets and reserve ratios for the four coins in the latest snapshot, explains how the Merkle tree lets you verify yourself, adds the Hacken audit record, and sets out what PoR can and can't prove. Figures were checked on 2026-10-07.
Key points
- Latest snapshot 2026-09-30: BTC 109%, ETH 117%, USDT 110%, USDC 127%, all above 100%.
- Monthly: KuCoin's July 2025 press release called that report its 32nd consecutive monthly PoR.
- Self-verification: log in, pick a snapshot on the PoR page, and view your assets and Merkle tree data.
- Audit: Hacken carried out a full PoR audit in 2025; the PoR page itself doesn't name an auditor for the latest snapshot.
Latest proof of reserves: 2026-09-30 snapshot
| Coin | KuCoin user assets | KuCoin wallet assets | Reserve ratio |
|---|---|---|---|
| BTC | ≈ 7,358.67 BTC | ≈ 7,994.37 BTC | 109% |
| ETH | ≈ 99,131.54 ETH | ≈ 115,905.46 ETH | 117% |
| USDT | ≈ 965.45 million USDT | ≈ 1,057.45 million USDT | 110% |
| USDC | ≈ 79.79 million USDC | ≈ 101.09 million USDC | 127% |
Reserve ratio = wallet assets ÷ user assets. Source: KuCoin proof of reserves page, checked 2026-10-07. A ratio above 100% means that at the moment of the snapshot, KuCoin's wallet balance in that coin covered what users held on its books.
For comparison, KuCoin's July 2025 press release gave ratios for June 30, 2025 of BTC 110%, ETH 110%, USDT 114% and USDC 112%. This time ETH and USDC are higher, BTC and USDT slightly lower, and all four remain above 100%.
How much is the surplus? In coins
| Asset | Wallet assets − user assets | Above user assets |
|---|---|---|
| BTC | About 635.70 BTC | 9% |
| ETH | About 16,773.93 ETH | 17% |
| USDT | About 92 million USDT | 10% |
| USDC | About 21.3 million USDC | 27% |
Worked out by subtracting the official figures in the table above (2026-09-30 snapshot; official page rechecked 2026-10-13). For USDT, at the snapshot the wallets held about 92 million more than users had on the books. That is the buffer at that moment, not every day afterwards.
Two snapshots compared: 2025-06-30 and 2026-09-30
| Asset | 2025-06-30 | 2026-09-30 | Change |
|---|---|---|---|
| BTC | 110% | 109% | −1 point |
| ETH | 110% | 117% | +7 points |
| USDT | 114% | 110% | −4 points |
| USDC | 112% | 127% | +15 points |
The 2025-06-30 figures come from KuCoin's July 2025 press release. All four assets were above 100% in both snapshots. One snapshot is just a moment; several in a row above 100% say more about how an exchange behaves.
How KuCoin's PoR works: the Merkle tree
KuCoin hashes each user's asset data at the snapshot and builds the hashes into a Merkle tree, ending with a single root hash that acts as a summary of all user data. Change any user record and the root changes, so you can check your own leaf against it to confirm your balance was counted in total user assets. On the wallet side, KuCoin publishes wallet addresses so balances can be checked on-chain.
The Hacken audit
KuCoin's press release of July 10, 2025 says blockchain security firm Hacken completed a PoR audit covering proof of liabilities, proof of ownership, reserve calculation and an overall PoR assessment, across assets on more than 30 chains including Ethereum, Solana, TON and zkSync (KuCoin press release). The official PoR page mentions third-party audits and independent verification but doesn't name the auditor for the 2026-09-30 snapshot.
How to verify it yourself
- Log in to KuCoin and open Proof of Reserves from the site footer.
- In the Verify Account Assets section, click Verify Now.
- Select the snapshot you want to check to get your verification ID.
- Click View Verification Details to open your personal verification page.
- It shows your asset portfolio at that snapshot and how it was backed; you can copy the Merkle tree data or download the wallet address information to check it yourself.
Source: KuCoin: how to verify your funds with proof of reserves. You are verifying your balance at the snapshot; anything deposited afterwards appears only in the next report.
What PoR proves and what it doesn't
What it proves
- At the snapshot, KuCoin's wallets held more of each listed coin than it owed users.
- Your own balance was included in total user assets (once you check it with the Merkle data).
What it doesn't
- Anything after the snapshot: balances change daily, and PoR is a picture of one moment.
- Coins that aren't listed: the page gives reserve ratios for BTC, ETH, USDT and USDC only.
- The exchange's overall finances: PoR compares against user assets and excludes the exchange's other liabilities and operations.
What you can do at account level
- Move assets you aren't trading to your own wallet and keep only working funds on the exchange.
- Turn on Google 2FA and a trading password. KuCoin locks withdrawals for 24 hours after security changes; see KuCoin deposits and withdrawals.
PoR and regulation
PoR is a transparency tool the exchange publishes and users verify; it isn't a licence or regulatory oversight. In January 2025 KuCoin pleaded guilty in the US to operating an unlicensed money transmitting business, agreed to pay more than $297 million and to leave the US market for at least two years (US Department of Justice). For licence status by country, see exchange licences compared.
PoR and your rebate
Proof of reserves has nothing to do with rebates. Sign up on KuCoin with code FEEOTTER and the exchange returns 60% of your fees automatically, spot and futures alike, 3× a typical 20% code, paid straight into your KuCoin account; Fee Otter adds no extra rebate. See KuCoin referral code.
FAQ
What is KuCoin's latest reserve ratio?
For the 2026-09-30 snapshot: BTC 109%, ETH 117%, USDT 110%, USDC 127%.
How often does KuCoin publish proof of reserves?
Monthly. KuCoin's July 2025 press release described that report as the 32nd in a row.
Is KuCoin's PoR audited by a third party?
Hacken carried out a full PoR audit in 2025. The official PoR page doesn't say which firm audited the latest snapshot.
How do I check that my assets were included?
Log in, click Verify Now on the PoR page, choose a snapshot and open the verification details; you can copy the Merkle tree data to compare.
Does a ratio above 100% mean the exchange is completely safe?
No. It only shows that, at the snapshot, wallet balances for the listed coins covered user balances. It says nothing about later changes, other coins or the exchange's overall finances.
Reserve figures are taken from KuCoin's official proof of reserves page and the audit record from KuCoin's press release, checked on 2026-10-07. Figures update with each report; the official page is the final reference. This article is for information only and is neither an assessment of any exchange's safety nor investment advice.
