<a href="https://www.cryptoknowmics.com/news/binance-adds-new-assets-to-simple-earn-flexible-products">Binance</a> released its official <a href="https://www.binance.com/en/support/announcement/binance-releases-proof-of-reserves-system-0c7a786cbe8c4e108f3301385ab61e39" target="_blank" rel="nofollow noopener">statement</a> two weeks after first pledging to create a <a href="https://www.cryptoknowmics.com/news/bitfinex-cto-publishes-proof-of-reserve-amid-during-bankruptcy-failure">proof-of-reserves (PoR)</a> system as a consequence of the <a href="https://www.cryptoknowmics.com/news/ftx-obtains-government-approval-for-first-day-petitions">FTX</a> liquidity and insolvency disaster.
<h2>Binance Launches of Proof-of-Reserves System For Bitcoin Holdings</h2>
The exchange explained how users could utilize the system to check its holdings in a statement on the Binance website. The Merkle Tree-based system can now only validate <a href="https://www.cryptoknowmics.com/news/foundry-acquires-some-assets-of-bankrupt-bitcoin-miner-compute-north">Bitcoin</a>, while the statement states that other coins will be added in the upcoming weeks.

<a href="https://www.cryptoknowmics.com/news/binance-us-to-bid-on-crypto-lender-voyager-cz-confirms">Changpeng "CZ" Zhao</a>, CEO of Binance, tweeted about the most recent development. Inevitably, Twittersphere gave its opinion, and many of its members praised the initiatives to increase openness.

https://twitter.com/satn/status/1596129312578883585?ref_src=twsrc%5Etfw
<h2>Additional Plans of Binance</h2>
Additionally, it emphasized planned transparency enhancements, such as the addition of ZK-SNARKs to its PoR techniques and the employment of outside auditors to check the accuracy of its PoR findings. Binance made the specifics of its wallet addresses and <a href="https://www.cryptoknowmics.com/news/opensea-launches-tool-to-assist-nft-collections-enforce-fees-on-chain">on-chain</a> operations public a few days after revealing its plans for PoR.

One of the initial companies to release proof of funds after the FTX was Binance. On November 16, a week following the first occurrence, <a href="https://www.cryptoknowmics.com/news/bitfinex-cto-publishes-proof-of-reserve-amid-during-bankruptcy-failure">Bitfinex</a>, <a href="https://www.cryptoknowmics.com/news/binance-okx-and-bybit-halt-usdt-and-usdc-deposits-on-solana">OKX</a>, <a href="https://www.cryptoknowmics.com/news/kcs-technical-analysis-kucoin-prepares-for-a-bull-cycle-within-sideway-range">KuCoin</a>, and <a href="https://www.cryptoknowmics.com/news/crypto-com-ceo-asserts-ftx-exposure-was-limited-to-10m">Crypto.com</a> disclosed their reserve wallet addresses along with <a href="https://www.cryptoknowmics.com/news/binance-okx-and-bybit-halt-usdt-and-usdc-deposits-on-solana">Bybit</a>.

Binance Releases Proof-of-Reserves (PoR) System for Holdings of Bitcoin

Binance released its official statement two weeks after first pledging to create a proof-of-reserves (PoR) system as a consequence of the FTX liquidity.

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Binance Releases Proof-of-Reserves (PoR) System for Holdings of Bitcoin

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