After the liquidity crisis in FTX, Binance CEO said that the industry needed more transparency.
The first move in this regard came from Binance again. The world’s largest stock exchange recently announced its reserves.
The announcement is as follows:
“As part of Binance’s ongoing commitment to increasing transparency and trust in the ecosystem, we are sharing details of our hot and cold wallet addresses.
This is the first step we will take on this path and a starting point.
Our goal is to allow our users to make informed decisions that are aligned with their financial goals.
Including BTC, ETH, BSC, BNB, TRX network
*Snapshot taken at 10/11/2022 at 03:00.
BTC(~475K BTC)
ETH(~4.8M ETH)
USDT(~17.6B USDT)
BUSD(~21.7B BUSD)
USDC(~601M USDC)
BNB(~58M BNB).”
Binance also shared addresses for wallets. You can find the relevant announcement here.
In the minutes when Binance announced its reserves, the size of the depeg in Tether increased considerably.
Tether, which lost 1.5%, fell to 0.982 levels, while Binance’s stablecoin BUSDIt is observed that , stands strong and is appreciated against Tether.
Every crisis in the sector proves the importance of transparency once again. The first move in this regard came from Binance. We will be watching with interest if other platforms will follow it.
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