According to an announcement on Mar. 7, cryptocurrency exchange Binance has added an additional 11 tokens to its proof-of-reserves (PoR) report. These include MASK, ENJ, WRX, GRT, CHR, CRV, 1INCH, CVP, HFT, SSV, and DOGE. With the latest update, Binance says it now has over $63 billion across 24 assets in its proof-of-reserves system. The largest assets on the exchange include Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), with $12.7 billion, $7.1 billion, and $16.3 billion in net customer balances, respectively.
Although exchanges have begun adopting the PoR method for greater transparency in the wake of cryptocurrency exchange FTX's collapse, experts have repeatedly warned users of the limitations of such methodology. These include lack of information on use of leverage, collateralization, and corresponding proof-of-liabilities and cannot be revealed unless accompanying financial statements supplement the PoR.
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