See More

Binance Updates Proof of Reserves Report With 11 New Tokens 

1 min
Updated by Geraint Price
Join our Trading Community on Telegram

In Brief

  • Binance added 11 new tokens to its proof of reserves.
  • It has $63 billion worth of reserves.
  • The community asks for an audit report believing proof of reserves are not enough.
  • promo

Binance has included an additional 11 tokens in its proof of reserve (PoR) report, but the community is demanding an audit.

The Changpeng Zhao-led exchange’s PoR report now shows 24 assets after adding 11 new tokens. The newly included tokens are Mask Network (MASK), Enjin coin (ENJ), WazirX token (WRX), The Graph (GRT), Chromia (CHR), Curve Token (CRV), 1Inch Network (1INCH), PowerPool (CVP), Hashflow (HFT), SSV Network (SSV), and Dogecoin (DOGE).

With today’s announcement, Binance boasts the largest reserves worth over $63 billion. But, the community believes PoR alone is not enough.

Binance Updates Proof of Reserves, but Audit Missing

As per Binance’s PoR, the assets are backed by a minimum of 100% reserves, and USDC has the highest backing of 5490.55%.

Last month, the company introduced ZK-SNARKs to improve user privacy during verification. Furthermore, it open-sourced the code to help other exchanges adopt the feature.

But, more than PoR is needed for transparency; hence the community demands an audit report. Regarding audit, Binance’s Asia-Pacific chief Leon Foong explained that it would “take a longer time” because accounting firms do not specialize in crypto.

The auditing firm Mazars ditched Binance after releasing a controversial first report. Additionally, the Big Four accounting firms – Deloitte, Ernst & Young, KPMG, and PricewaterhouseCoopers – are unwilling to work with the exchange. In contrast, Deloitte continues auditing the financial reports of Coinbase.

Got something to say about Binance proof of reserve or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or Twitter.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Frame-2264-1.png
Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
READ FULL BIO
Sponsored
Sponsored