The world’s largest cryptocurrency exchange, Binance, has released the addresses of its hot and cold wallets and will share details about its financial situation.
The move is part of Binance’s ongoing commitment to transparency and fostering trust in the ecosystem, the company said in a blog post.
It provided a snapshot of its current holdings that include about 475,000 Bitcoin, 4.8 million Ether, 17.6 billion USDT, 21.7 billion BUSD, 601 million USDC and 58 million BNB. Its Secure Asset Fund for Users, which it created in 2018 as an emergency insurance fund to protect users, holds a further $1 billion.
“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. Our objective is to allow users of our platform to be aware and make informed decisions that are aligned with their financial goals,” the company said.
The announcement follows moves to reassure customers by other exchanges in the wake of FTX’s liquidity crisis. Binance itself backed out of acquiring the struggling company after reviewing its financials.
On Nov. 8, Binance CEO Changpeng “CZ” Zhao said the company would start a Proof of Reserves audit system accessible to the public.
CEO of Crypto.com Kris Marszalek said he believes “it should be necessary for crypto platforms to publicly share proof of reserves.”
OKX and Kucoin also said they plan to release information about their reserves in the coming weeks.
Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.