In latest developments, BINANCE CEO CZ, has recommended that all crypto exchanges should do merkle-tree proof-of-reserves. He further suggested that crypto exchanges should not run on fractional reserves, unlike banks.
reassured his 7.3 million Twitter followers that would also start proof-of-reserves for full transparency in order to avoid future doubts and concerns about the reserve balance.
All crypto exchanges should do merkle-tree proof-of-reserves.
Banks run on fractional reserves.
Crypto exchanges should not. will start to do proof-of-reserves soon. Full transparency.
— CZ ?? Binance (@cz_binance) November 8, 2022
This comes after CZ announced later today, that Binance would be acquiring its rival FTX to safeguard the liquidity crunch it is facing due to the mass withdrawal of funds.
