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cryptonews
2022-11-09 14:15:00

Binance to Provide Proof-of-Reserves Following FTX Bust – Other Exchanges to Follow Suit?

Binance to Provide Proof-of-Reserves Following FTX Bust – Other Exchanges to Follow Suit?

Major crypto exchange Binance will follow Gate.io 's and Kraken's example and start doing Proof-of-Reserve (PoR) audits, said CEO Changpeng Zhao. Zhao, known as CZ, tweeted on Tuesday evening (UTC time) that Binance would "soon" start to do proof-of-reserves, arguing that: "All crypto exchanges should do merkle-tree proof-of-reserves. Banks run on fractional reserves. Crypto exchanges should not." This could be a further boost for other exchanges to follow suit. ... Read More: Binance to Provide Proof-of-Reserves Following FTX Bust – Other Exchanges to Follow Suit?

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