Binance To Start Proof Of Reserves For Full Transparency – CZ

In latest developments, Binance CEO CZ, has recommended that all crypto exchanges should do merkle-tree proof-of-reserves. He further suggested that crypto exchanges should not run on fractional reserves, unlike banks.

CZ reassured his 7.3 million Twitter followers that Binance would also start proof-of-reserves for full transparency in order to avoid future doubts and concerns about the reserve balance.

All crypto exchanges should do merkle-tree proof-of-reserves.

Banks run on fractional reserves.
Crypto exchanges should not.@Binance will start to do proof-of-reserves soon. Full transparency.

— CZ 🔶 Binance (@cz_binance) November 8, 2022

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This comes after CZ announced later today, that Binance would be acquiring its rival FTX to safeguard the liquidity crunch it is facing due to the mass withdrawal of funds.

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