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Binance CEO “CZ” Reveals Wallet Transparency To Answer “Proof Of Reserve” Jab

After some crypto leaders claimed Binance’s “proof of reserves” as pointless, Binance CEO Changpeng “CZ” Zhao stated Merkle Tree-based proof of reserve as “healthy checks.” Binance CEO in a blog on Saturday answered how funds are managed at Binance to ensure full transparency and secure customers’ crypto assets.

In a blog post on November 26, Binance CEO “CZ” answered community questions about how Binance manages funds and wallets. He claims Binance commits to ensuring full legal and regulatory compliance and does not use client funds on its own accounts.

Binance holds customers’ crypto assets in separate accounts. These are completely different from accounts used by Binance to hold its crypto assets. Moreover, the crypto exchange uses the same wallet infrastructure to secure user assets, as well as Binance’s crypto assets.

(By Varinder Singh)

Binance Proof of Reserves
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