Binance has introduced Proof of Reserve system in its platform to prove its reserve is genuine , this will first prove Bitcoin reserve, and later other cryptos will also be informed. But, Jesse Powell of Kraken has always asked for Audit, he didn't agree with Binance
Proof of Reserve in Binance
- Thread starter Yugocean
- Start date
Binance have continue to dominate cryptocurrency space of late after FTX failed, Binance have continue to grow amidst inflation and economic downturn. Binance will soon be Google of cryptocurrency.
It is crystal clear that Binance have all it takes to become the best cryptocurrency and is in fact a cryptocurrency behemoth.
Binance has all it takes because they have predicted the future as you have rightly said and that is why they are not affected by the decline
Binance has proven to be one of the best crypto-currency exchange because they understand the complexity of the business.
The reserve that binance had is what made them not to experience any setback during the bearish season.
It is an established fact that binance is the best cryptocurrency exchange in the world.
Binance are always prepared ahead of time and that is why they are taking as the best cryptocurrency exchange in the world.
Binance was able to stay afloat in the crypto-currency declining market because they have a reserve.
It is a great cryptocurrency exchange and they're never going to go bankrupt in like the FTX.
Are you sure 100%? Everything that was said for FTX and look how it end up. Same thing was said for those two US banks (now and third) but it also broke up. Don't be 100% for anything. Rule is: not your private key, not your crypto.
The FTX is already a failed project and it's a foregone issue already.
It would be great if Binance had added a PoR system to verify their trading platform (Binance) so it should have transparent auditing practices about reserves. So I think Jesse Powell's actions were correct, to keep the practice of manipulating or falsifying data.
