Binance Discloses Its Proof of Reserves

November 25, 2022

In an attempt to provide transparency on user funds, Binance has published its Proof of Reserves amid FTX fallout.

In response to the collapse of FTX, the world’s largest crypto exchange has disclosed the proof of digital asset holdings worth more than $69 billion.

On November 10, Binance CEO CZ had announced that his exchange remains committed to transparency in the light of collapsed exchange FTX.

Binance has also disclosed the cold wallet addresses and balances of the top six cryptos listed on the exchange.

As of November 10, Binance held 475,000 BTC, 4.8 million Ether, 17.6 billion USDT, 601 million USDC, 58 million BNB. and approximately 21.7 billion of its own stablecoin, BUSD.

Untill November 10, Binance had digital assets of worth $69 billion .

Binance PoR is being said as the first step in increasing the transparency of exchanges.