Binance Publishes Wallet Addresses, Activities Following Commitment To Reveal Proof Of Reserve

Zinger Key Points
  • Days after its CEO pledged releasing proof of reserves, Binance releases wallet addresses and activities.
  • Merkle Tree proof of funds will be shared in the coming weeks, says Binance.
Binance Publishes Wallet Addresses, Activities Following Commitment To Reveal Proof Of Reserve

Cryptocurrency exchange Binance BNB/USD on Thursday released a “proof of assets” page detailing the on-chain activities of its hot and cold wallet addresses, two days after the company’s CEO Changpeng Zhao announced that his company will initiate the process of providing proof of reserves to ensure transparency.

“As part of Binance’s ongoing commitment to transparency and fostering trust in the ecosystem, we are sharing details of our hot and cold wallet addresses,” the company stated.

“This is a starting point while we work to create a Merkle tree POF that we will share with the community in the next few weeks,” it added.

Also read: With Bitcoin, Ether And Altcoins Drowning In A Sea Of Blood, Can Investors Hope To Catch A Falling Knife?

The exchange further added that its goal is to empower platform users to become aware and make decisions that are in line with their financial goals.

A snapshot of the hot and cold wallet addresses taken around Thursday was also included in the statement.

The release also reaffirmed that $1 billion has been added to the company's Secure Asset Fund for Users (SAFU).

Zhao, or CZ, as he is widely known in the industry, tweeted the initial message on Nov. 9, in view of recent price fluctuations.

Social media users reacted to the reported figures, with Reddit users worrying that Monero XMR/USD, which is still available for purchase through the exchange, was not featured on the new proof of assets page.

Meanwhile, other cryptocurrency platforms have pledged their support of the proof of reserve mechanism for their own communities as the market struggles in response to the FTX-Binance saga.

At least nine cryptocurrency exchanges have come forward to provide proof of fund reserves as the market comes to terms with insolvency fears on the heels of FTX’s native token FTX Token FTT/USD falling off a cliff.

Next: Billionaire Mike Novogratz Takes Another Hit: First Luna, Now FTX Is Costing His Crypto Firm Millions

Photo via Shutterstock. 

Posted In: BinanceChangpeng ZhaoMerkle treeCryptocurrencyNewsTop StoriesMarkets

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