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Cryptocurrencies: after the collapse of FTX, Binance launches new transparency measures to bring calm to its users

Cryptocurrencies: after the collapse of FTX, Binance launches new transparency measures to bring calm to its users

“Given recent events, it’s understandable that the community is demanding more from exchanges, far more than is currently required from traditional financial institutions. That’s why we’re excited to offer this latest feature for our users to verify their funds.”said Changpeng Zhao ‘CZ’, CEO and founder of Binance.

“The new place Proof of Reserves was designed to show that Binance, as custodianholds client funds in their entirety, with reserves. So, in simple terms, when a user deposits one Bitcoin, Binance’s reserves are increased by at least one Bitcoin to ensure that client funds are fully supported.the exchange announced.

People will be able to check out the site and see the Binance Proof of Reserves, showing Binance’s reserve ratio alongside customer liabilities.

The site also provides two new ways for people to easily verify their transactions against Binance’s Merkle tree. The first way to verify funds is through the Binance website, where users can compare their BTC funds against the Binance Merkle Tree.

“After logging into the Binance website, click on ‘wallet’, followed by ‘audit’ and this will generate a unique registration ID which confirms that the assets are covered and also confirms the asset balance of the users in audit time,” they explained, adding: “Those who want to go a step further and independently verify their funds can copy the source code onto a python application and cross it themselves.”

Source: Ambito

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