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News Report

Binance Updates Proof of Reserves Report With 11 New Tokens 

1 min
Updated by Geraint Price

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.
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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.

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