Binance Expands Proof-of-Reserves Program to 24 Tokens

Cryptocurrency exchange Binance expanded Proof-of-Reserves (PoR) program for 11 new tokens, including MASK, ENJ, WRX, GRT, CHR, CRV, 1INCH, CVP, HFT, SSV and DOGE coins. The PoR system now includes 24 tokens, and the company’s total reserves amounted to $63 billion.

Binance states on its website that the exchange’s assets are backed by at least 100% reserves, and many coins have higher backing. For example, the USDT coin received the highest support (5490.55%).

Binance recently introduced ZK-SNARK technology, which enhances user privacy during verification. In addition, code has been opened to help other exchanges implement this feature.

However, for full transparency, many users of a cryptocurrency exchange require an audit. Binance says it will take some time to find an accounting firm, as accounting firms do not have sufficient experience in working with cryptocurrency companies and cryptocurrencies.

Previously, Binance was audited by Mazars, but after the publication of the first report, which caused a mixed reaction, Mazars refused to continue cooperation with the exchange. Currently, the largest accounting firms in the world, such as Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers, are refusing to cooperate with Binance, despite the fact that Deloitte continues to audit Coinbase financial statements.

Recently, Binance was at the center of a scandal. According to journalists from the WSJ, representatives of the exchange lied public, declaring the independence of the American subsidiary Binance.US. According to the publication, the Chinese employees of Binance had access to client data and the source code of the Binance.US website, which contradicts statements about its independence. As the WSJ notes, this could cause serious problems for Binance and its US subsidiary.

Source: Cryptocurrency

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