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.

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.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.