Binance proof of reserves is ‘pointless with out liabilities:’ Kraken CEO By Cointelegraph

Disclaimer: The article has been up to date to mirror Binance CEO CZ’s response to the considerations raised by Kraken CEO Jesse Powell.

The collapse of the crypto alternate FTX revealed the significance of proof of reserves in avoiding conditions involving the misappropriation of customers’ funds. Whereas exchanges have proactively began sharing pockets addresses to show the existence of customers’ funds, a number of entrepreneurs, together with Kraken CEO and co-founder Jesse Powell, known as the apply “pointless” as exchanges fail to incorporate liabilities.