Binance launches its own proof of reserves system
It can be used to check the ratio of own funds to the availability of reserves on the platform
25.11.2022 - 12:45
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What’s new? The cryptocurrency exchange Binance has launched its own Proof of Reserves (PoR) system in an effort to be transparent in its operations. It can be used to check the ratio of own funds to the availability of reserves on the platform. The launch of the feature started with proof of reserves in bitcoin, other tokens and networks will be added in the coming weeks.
Announcement on the Binance website
What other information has been released? According to the posted audit results, as of November 22, the exchange holds 582 485 BTC, of which 575 742 BTC are customer funds. Thus, the reserve ratio is 101%.
Binance will soon bring in third-party auditors to verify the results of its model, as well as implement ZK-SNARKs technology to improve privacy and reliability. The results of the audit will show each user’s net balance, equity, and debts while using loans and margin trading.
Binance already published data on the composition of reserves in November. Combined, the company’s hot and cold wallets held more than $69,39 billion in digital assets. In the wake of the collapse of the FTX crypto exchange, Binance CEO Changpeng Zhao urged other platforms to publish their reserves to increase transparency and trust in the industry.
On November 23, the OKX crypto exchange launched the PoR certificate. The platform maintains a 1:1 reserve for all user assets and provides full transparency of both reserves and funds, the company noted.
To find out which exchanges confirmed their solvency after FTX’s collapse, see GetBlock Magazine’s article.
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