After disclosing the trading platform Binance would share proof-of-reserves, the exchange published a blog post called “Our Commitment To Transparency.” The Binance blog post shares addresses tied to the world’s largest exchange and it notes that as of Thursday, Binance holds 475,000 bitcoin, 4.8 million ether, and 17.6 billion tethers.
Binance Shares Crypto Addresses and Says a Full Audited Report Is Coming Soon
Just before the exchange bailed out on purchasing FTX, Binance CEO Changpeng Zhao (CZ) told the public that Binance would produce proof-of-reserves. “All crypto exchanges should do Merkle-tree proof-of-reserves,” CZ said. “Banks run on fractional reserves. Crypto exchanges should not. Binance will start to do proof-of-reserves soon. Full transparency,” CZ concluded on Twitter.
On Thursday, Binance published a blog post that follows CZ’s commentary about proof-of-reserves. The exchange has shared hot and cold wallet addresses tied to networks including BTC, ETH, BSC, BNB, and TRX. “This is a starting point while we work to create a Merkle tree [proof-of-reserves] that we will share with the community in the next few weeks,” Binance’s announcement explains.
Binance further insisted that it is “not a complete set of data,” and added, “this will be shared in the full audited report.” At the time of writing, Binance’s top crypto balances include:
The world’s top crypto exchange sharing its hot and cold wallet addresses follows a large slew of crypto executives discussing proof-of-reserve methods. In addition to sharing the addresses, Binance also detailed information concerning the firm’s SAFU fund.
“We have also recently topped up our industry leading SAFU fund, an emergency insurance fund that was established in 2018 to protect Binance users in extreme situations,” Binance wrote. “The fund now stands at $1B and is just another part of our commitment to our users to build the safest, most equitable blockchain ecosystem in the world.”
What do you think about Binance sharing the company’s crypto wallet addresses and details about the SAFU fund? Let us know what you think about this subject in the comments section below.
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