Prominent crypto exchanges Kraken, Coinbase and Gate.io became the first exchanges to publish proof-of-reserves, including liabilities, as part of their audits.

Following the collapse of the FTX, Binance’s CEO Changpeng Zhao suggested that all exchanges should provide Merkle-tree proof-of-reserves.

Despite Binance initiating the movement, it has not included its liabilities in its proof-of-reserves.

Other exchanges with only proof of reserves

Binance did not include disclosure of liabilities in its suggestion. However, many exchanges agreed that it was also necessary to provide full transparency. Bitfinex also did not disclose its liabilities with its Merkle-tree proof of reserves.

MexcGlobal and ByBit also did not share their liabilities but said they will publish proof-of-reserves soon.

Exchanges with complete proof of reserves

Crypto.com and Huobi have already published their proof-of-reserves. The duo also announced that they are composing their liabilities report and will post that soon as well.

OKX and Mexc global, on the other hand, are currently working on publishing a full proof-of-reserves.

(by Zeynep Geylan)