Binance Its CEO recently said that they are considering acquiring FTX and will make a decision after reviewing the commercial ledgers.
Shortly after this statement, there was a decline in Bitcoin and altcoins that we have not seen for a long time.
An important message came from the Binance CEO as investors were trying to figure out what was going on.
Aware of how big a risk factor crypto money exchanges are for the industry, CZ presented a new proposal.
Accordingly, exchanges must provide ongoing evidence that their holdings are supported 1 to 1. Cz stated that Binance will start implementing this soon.
“All crypto exchanges should do proof of reserve.
Banks can operate with fractional reserves, but cryptocurrency exchanges cannot.
Binance will soon start making proof of reserve.”
All crypto exchanges should do merkle-tree proof-of-reserves.
Banks run on fractional reserves.
Crypto exchanges should not.@Binance will start to do proof-of-reserves soon. Full transparency.— CZ 🔶 Binance (@cz_binance) November 8, 2022
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