{"id":273642,"date":"2022-11-08T20:49:37","date_gmt":"2022-11-08T20:49:37","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=273642"},"modified":"2023-10-16T03:43:26","modified_gmt":"2023-10-16T02:43:26","slug":"binance-to-start-proof-of-reserves-cz-proposes-all-crypto-exchanges-follow-suit","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/binance-to-start-proof-of-reserves-cz-proposes-all-crypto-exchanges-follow-suit\/","title":{"rendered":"Binance to start proof-of-reserves; CZ proposes all crypto exchanges follow suit"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Binance CEO Changpeng Zhao, or CZ, recently announced that Binance will start proof-of-reserves to support \u201cfull transparency.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">CZ also suggested that all cryptocurrency exchanges do merkle-tree proof-of-reserves. According to the CEO, fractional reserves are suited to traditional banks and not crypto companies.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">All crypto exchanges should do merkle-tree proof-of-reserves. <\/p>\n<p>Banks run on fractional reserves. <br \/>Crypto exchanges should not.<a href=\"https:\/\/twitter.com\/binance?ref_src=twsrc%5Etfw\">@Binance<\/a> will start to do proof-of-reserves soon. Full transparency.<\/p>\n<p>&mdash; CZ \ud83d\udd36 Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1590055819416330240?ref_src=twsrc%5Etfw\">November 8, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Worth noting that fractional reserves represent only a portion of a bank's demand deposits that are kept in reserve and are immediately available for withdrawal. Some crypto influencers believe centralized exchanges still consider fractional reserves, which makes it \u201cworse\u201d for crypto.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Part of the reason why crypto exists is to get rid of fractional reserve. Now CEXs make it worse by recreating fractional reserve without the Fed backstop. Insanely bullish for DeFi. Also regulations should require CEXs to implement proofs of reserve, possibly using ZK proofs.<\/p>\n<p>&mdash; Dominator008\ud83d\udc8e\ud83d\udfe2\ud83d\udd36\ud83e\udd99\u269b\ufe0f\ud83c\udf87 (@Dominator0081) <a href=\"https:\/\/twitter.com\/Dominator0081\/status\/1589468761106812929?ref_src=twsrc%5Etfw\">November 7, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">The recent revelation for starting proof-of-reserve came after CZ <\/span><a href=\"https:\/\/cryptoslate.com\/binance-to-fully-acquire-ftx\/\"><span style=\"font-weight: 400;\">announced<\/span><\/a><span style=\"font-weight: 400;\"> that Binance would acquire FTX. Earlier, the exchange, led by Sam Bankman Fried, was experiencing <\/span><a href=\"https:\/\/cryptoslate.com\/ftx-treasury-lost-over-3b-in-a-week\/\"><span style=\"font-weight: 400;\">massive withdrawals<\/span><\/a><span style=\"font-weight: 400;\"> of assets, rapidly depleting its treasury.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The native token was also down by <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/ftx-token\/\"><span style=\"font-weight: 400;\">more than 70%<\/span><\/a><span style=\"font-weight: 400;\"> in just a few days as a result. Thus there were fears of insolvency of the exchange.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the acquisition is completed, Binance will oversee a massive portion of the cryptocurrency market.\u00a0<\/span><\/p>\n<h2>How can proof-of-reserves enhance the transparency of crypto assets?<\/h2>\n<p><span style=\"font-weight: 400;\">Using Proof of Reserves (PoR), users of crypto assets can verify that the balances they hold on exchanges are backed by real assets. This process uses an advanced cryptographic accounting procedure based on the Merkle tree, a data structure explicitly designed to maintain privacy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The PoR becomes more necessary since point-in-time attestations are easy to manipulate, and simple cash flow analysis does not account for everything (such as unaccounted liabilities). By providing an accurate picture of held balances, it helps crypto exchanges gain users' trust.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Earlier, there were <\/span><a href=\"https:\/\/www.reddit.com\/r\/CelsiusNetwork\/comments\/yogrni\/ftx_is_getting_what_they_deserve\/\"><span style=\"font-weight: 400;\">talks<\/span><\/a><span style=\"font-weight: 400;\"> that FTX is running a fractional reserve banking, but users may enjoy full transparency after the recent acquisition. As influencer Dan Ashmore believes FTX <\/span><span style=\"font-weight: 400;\">could have avoided all the discussions about its insolvency <\/span><span style=\"font-weight: 400;\">if it had some sort of on-chain proof of reserves.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Would all the insolvency chat not be solved if FTX had some sort of on-chain proof of reserves? <\/p>\n<p>Seems ironic in the crypto industry that we are all talking about whether or not FTX are good for it. Is it not meant to be transparent in crypto ?<\/p>\n<p>&mdash; Dan Ashmore (@DanniiAshmore) <a href=\"https:\/\/twitter.com\/DanniiAshmore\/status\/1589700562375016448?ref_src=twsrc%5Etfw\">November 7, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance CEO Changpeng Zhao, or CZ, recently announced that Binance will start proof-of-reserves to support \u201cfull transparency.\u201d\u00a0 CZ also suggested that all cryptocurrency exchanges do merkle-tree proof-of-reserves. According to the CEO, fractional reserves are suited to traditional banks and not crypto companies. Worth noting that fractional reserves represent only a portion of a bank&#8217;s demand [&hellip;]<\/p>\n","protected":false},"author":1393,"featured_media":365028,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,76747,77873],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Binance to start proof-of-reserves; CZ proposes all crypto exchanges follow suit<\/title>\n<meta name=\"description\" content=\"CZ also suggested that all cryptocurrency exchanges do merkle-tree proof-of-reserves.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/binance-to-start-proof-of-reserves-cz-proposes-all-crypto-exchanges-follow-suit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance to start proof-of-reserves; CZ proposes all crypto exchanges follow suit\" \/>\n<meta property=\"og:description\" content=\"CZ also suggested that all cryptocurrency exchanges do merkle-tree proof-of-reserves.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/binance-to-start-proof-of-reserves-cz-proposes-all-crypto-exchanges-follow-suit\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-08T20:49:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-16T02:43:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/bitcoin-dollar-reserve.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Soumen Datta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Soumen Datta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/binance-to-start-proof-of-reserves-cz-proposes-all-crypto-exchanges-follow-suit\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/binance-to-start-proof-of-reserves-cz-proposes-all-crypto-exchanges-follow-suit\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/soumen-datta\/#person\",\"name\":\"Soumen Datta\",\"url\":\"https:\/\/cryptoslate.com\/author\/soumen-datta\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/soumen-datta\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/soumen-datta\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/10\/cs-soumen.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/10\/cs-soumen.jpg\",\"caption\":\"Soumen Datta\"},\"jobTitle\":\"Journalist\",\"description\":\"Soumen is a dedicated researcher and writer in the field of cryptocurrencies, DeFi, NFTs, and GameFi projects. 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