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Binance releases proof of reserves

admin by admin
November 26, 2022
in News


The world’s largest cryptocurrency exchange Binance released its proof of reserves (PoR) on Friday to provide transparency on user funds.

See related article: Binance says it will set up US$1 billion ‘recovery’ fund for distressed crypto businesses

Fast facts

  • Binance will start the PoR feature with Bitcoin and add other tokens and networks over the next few weeks, the company said in a statement.
  • The exchange will include additional assets in the next batch of PoR, as well as involve third-party auditors to audit its PoR results.
  • Proof of reserves, or evidence that an exchange has sufficient funds to cover users’ assets, has become a preferred way for crypto exchanges to assure investors of safe custody following the sudden collapse of FTX.
  • Exchanges CoinSwitch and CoinDCX have also made their PoR available to the public.
  • See related article: Sam Bankman-Fried could face decades in jail if convicted of law violations in FTX collapse, lawyers say



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