Proof of Reserve is one of the two variables in the Proof of Solvency equation. PoR only paints half of the picture, whereas disclosing an exchange’s liabilities gives a fair idea of the exchange’s status.

The trust of users on CEXs has so worn out that withdrawals are made at an unprecedented level. In order to retain users and funds, CEXs released proof of reserve to prove innocence.

Cryptocurrency exchange CoinDCX, India’s first crypto unicorn, published its complete proof of reserves (PoR) on Monday detailing its USDT liabilities and reserves.

Audit firms Armanino and Mazars are set to drop their crypto clients following controversies and community pushback.

Mazars, the auditing firm working with Binance and other crypto exchanges on proof-of-reserves statements, has paused all work for crypto clients, Binance said in an emailed statement.

While Binance CEO Changpeng “CZ” Zhao tries to calm crypto Twitter about their financial health and withdrawals, Binance FUD seems to take more time. Binance CEO assures customers that their funds are safe and claims these “stress tests” actually help them build trust in their customers and the crypto community. On-chain data have also indicated no FTX-like behavior. However, uncertainty in the crypto market continues to persist.

In a year where volatility has been the new normal, traders and exchanges in the crypto industry have felt their fair share of turbulence. From FTX’s unfortunate bankruptcy announcement to Proof taking center stage — trust within this space is at an all-time low.

Bybit has rolled out a system that will allow its customers to verify the crypto assets that the crypto exchange platform holds in its reserves, the company announced last week.

KuCoin, a Seychelles-based cryptocurrency exchange, on Monday released its proof of reserves report issued by third-party auditor Mazars, which concluded that the exchange’s Bitcoin, Ether, USDT and USDC reserves are overcollateralized.

Users can verify the balance of their assets in exchange, balance and ownership of the wallet addresses, the reserve ratio, verification of wallet ownership