Binance introduces a proof-of-reserves system for Bitcoin holdings

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Binance, a cryptocurrency exchange, has launched a new website that explains its proof-of-reserves system. The company will begin with BTC reserves. Binance currently has a reserve ratio of 101%. It means that the company has enough bitcoins to cover the balances of all users.

This move comes just a few weeks after the demise of FTX, another popular cryptocurrency exchange. In the case of FTX, the company was experiencing a liquidity crisis. It ceased processing withdrawals due to inability to meet demand from investors and end users. Since then, crypto companies, particularly crypto exchanges, have attempted to be more transparent about user funds. It entails disclosing more details about hot and cold wallets. However, there is still a lot of work to be done before you can fully trust cryptocurrency exchanges and how they handle funds.

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Binance introduces a proof-of-reserves system for Bitcoin holdings

Binance, a cryptocurrency exchange, has launched a new website that explains its proof-of-reserves system. The company will begin with BTC reserves. Binance currently has a reserve ratio of 101%. It means that the company has enough bitcoins to cover the balances of all users.

This move comes just a few weeks after the demise of FTX, another popular cryptocurrency exchange. In the case of FTX, the company was experiencing a liquidity crisis. It ceased processing withdrawals due to inability to meet demand from investors and end users. Since then, crypto companies, particularly crypto exchanges, have attempted to be more transparent about user funds. It entails disclosing more details about hot and cold wallets. However, there is still a lot of work to be done before you can fully trust cryptocurrency exchanges and how they handle funds.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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