CryptoCom has provided proof of reserves for nine crypto assets, using the same auditor as Binance.

Just because a centralized exchange has reliable proof of reserve, it does not mean that it is 100% safe.

With the inclusion of In-Scope Assets lent to customers through margin and loans which are overcollateralized by Out-Of-Scope Assets, Binance was 101% collateralized.

United States Congressman Ritchie Torre introduced the bills, which have the titles of “Crypto Consumer Investor Protection Act’’ and “Crypto Exchange Disclosure Act,’’ on Dec. 1. The bills are very short. In copies obtained from Torres’ office, the body of the first bill, introduced as H.R. 9241, reads: “A cryptocurrency exchange may not lend, leverage, or co-mingle the funds of a customer without the consent of such customer.”

Leading global cryptocurrency exchange, Bitget, announces today that it is launching its Proof of Reserves Page, which will demonstrate to users that we are a full-reserve exchange, as supported by its Proof of Reserves (“PoR”), using the cryptographic-audited Merkle tree method, and that users’ assets stored on the platform are safeguarded.

Following the crypto winter in the first half of 2022 and the collapse of the Terra ecosystem, many investors had a paradigm shift with stablecoins such as Tether. Unfortunately, too many such coins have failed to provide the stability they claimed. Hence, users started demanding more transparency in the reserves of most stablecoins.

Binance, the world’s largest Centralized Exchange (CEX), has published its Proof of Reserves showing that customers’ bitcoin balances are backed on-chain at a more than one-to-one ratio.

Binance announced on Friday that it is establishing a new proof of reserves (PoR) website to indicate that it holds client assets in full as a digital currency keeper.

After some crypto leaders claimed Binance’s “proof of reserves” as pointless, Binance CEO Changpeng “CZ” Zhao stated Merkle Tree-based proof of reserve as “healthy checks.” Binance CEO in a blog on Saturday answered how funds are managed at Binance to ensure full transparency and secure customers’ crypto assets.

<a href="https://coingape.com/glossary/binance/">Binance</a> was one of the first crypto exchanges to reveal their proof-of-reserves, and it wasn’t long before numerous other crypto firms followed suit. However, these earliest proof-of-reserves were nothing more than the balances of the cold wallets belonging to the exchanges.