Cryptocurrency The liquidity crisis and collapse of the stock exchange FTX created a shock effect in the crypto money industry.
Because most investors thought that FTX, which was in the top three, was reliable.
In a report published by the WSJ, FTX’s collapse was caused by the fact that FTX used approximately $10 billion from customer deposits to finance its other activities.
While the lack of transparency in the reserves of FTX’s troubles was due to the lack of transparency, the trust of investors in the stock markets was damaged.
It is the largest crypto exchange by daily trading volume, which takes a step in this regard. Binanceto be more transparent cryptocurrency disclosed its reserves.
Binance CEO shared Binance’s 475K BTC4.8 million ETH17.6 billion USDT21.7 billion BUSD601 million USDC and 58 million BNBHe announced that he had
On-chain data provider Nansen also shared that Binance has more than $60 billion in reserves, according to its data.
Commenting on the exchanges’ efforts in transparency, Nansen CEO Alex Svanevik told his team that he has received requests from exchanges to disclose their reserves on their platform.
“Several exchanges have contacted us in the last 24 hours to explain their reserves.
We are happy to assist. We have prepared such a table for Binance.”
Several exchanges contacting us last 24 hours to display proof-of-reserves.
We’re happy to help (for free) – DM me if you want your exchange to be more transparent.
Example we did for Binance: https://t.co/rtuUAkpdcU pic.twitter.com/vlfH1hrzeP
— Alex Svanevik 🐧 (@ASvanevik) November 11, 2022
In this context OKX, Crypto.com, Kucoin and Bybit There are also statements about reserves from exchanges such as
Exchanges said they will either release a list of crypto addresses or make a reserve statement similar to Binance’s.
OKX, crypto- Saying that they have hired an auditor on currency reserves and will make a reserve statement as soon as possible, KuCoin also said, “Protecting user funds is the top priority at KuCoin, we will publish a table of reserves in about a month” said.
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