Binance launches proof of reserves website


Binance said Friday it’s launching a new proof of reserves website to reflect that the crypto currency exchange is holding client funds in full as a custodian. “When a user deposits one Bitcoin, Binance’s reserves increase by at least one Bitcoin to ensure client funds are fully backed,” Binance said. People will be able to check the site to see Binance’s proof of reserves, as well as Binance’s reserve ratio next to customer liabilities. The site will also offer two new ways for people to verify their transactions against Binance’s Merkle tree, the company said. The moves mark part of Binance’s user transparency efforts.

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