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Binance Reveals Robust Growth in Assets Amid Trust Issues

  1. Home
  2. Bobs-News Categories Company News
  3. Binance Reveals Robust Growth in Assets Amid Trust Issues
  • bob
  • 2024-01-08
  • Company News
  • Cryptocurrency Exchanges
  • Cryptocurrency Regulations
  • North America

Binance, the leading global crypto exchange, has released its fourteenth Proof of Reserves (PoR), providing an in-depth look into its reserves as of January 1, 2024. The disclosure is timely, given the need for trust and transparency in the crypto industry, particularly following significant disruptions such as the FTX collapse.

The recent PoR, which uses the zk-SNARKs verification mechanism and was conducted at BTC Block Height 823629, shows substantial holdings in major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Tether (USDT), BUSD, USD Coin (USDC), Litecoin (LTC), XRP, and others. The report indicates a strong growth in user assets, potentially boosting investor and user confidence.

Binance’s PoR system is designed to ensure that the exchange has enough reserves to back user assets on a 1:1 basis, plus additional reserves. This system is crucial for guaranteeing that users’ assets are fully backed, especially during financial downturns. The exchange’s corporate holdings are kept on a separate ledger and are not included in this PoR.

Binance uses a combination of Merkle trees and zk-SNARKs to provide a transparent and verifiable reserve proof. Users can independently verify their account balances as part of the PoR. By logging into the exchange and accessing their wallet verification section, users can view their Merkle Leaf and Record ID, confirming their inclusion in the third-party auditor’s attestation report.

However, despite Binance’s efforts to increase transparency through monthly PoR releases, critics argue that these reports lack the thoroughness of a full independent audit. Moreover, the exchange, which lists over 350 digital assets, only publishes PoRs for 31 of them. This selective reporting, along with the withdrawal of Mazars, the company initially contracted for these reports, has led to skepticism about the credibility of the reserve claims.

This report follows a tumultuous year 2023, marked by legal challenges and scrutiny. In 2023, the exchange agreed to pay a $4.3 billion fine to settle lawsuits with US regulators and faced allegations of co-mingling user and corporate funds. Richard Teng, CEO, emphasized the company’s commitment to compliance, citing a $213 million investment in their compliance program.

At the time of writing, BNB was trading at $302.20.



This News Article was automatically generated by Bob the Bot (AI)

Information Details
Geography North America
Countries
Sentiment neutral
Relevance Score 1
People Richard Teng
Companies BBC, Binance, TradingView.com, Mazars, FTX
Currencies US Dollar, Arcade Arcoin, Ethereum, Tether, Bitcoin
Securities None

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