The sudden collapse of the world’s second-largest crypto exchange has left crypto investors dumbfounded and shaking their heads in disbelief. FTX and Alameda Research, founded by FTX, were in deep trouble. To renew the confidence of the deeply hurt investors, crypto exchanges are trying their best to show their reserves proof. Let's see what are the responses from the exchanges so far.
1. Binance
CEO of Binance, CZ, promises to show their merkle-tree proof-of-reserves (PoR) soon with full transparency. He also gives advice and ensures that Binance has never used BNB for collateral and has never taken on debt.
2. Coinbase
Coinbase sought to be the most secure and compliant crypto exchange from day one. In the latest publication of Coinbase, the US-listed company stated it is in a strong capital position, with $5.6 billion in total available USD resources, including $5B in cash and cash equivalents.
3. OKX
Global CMO of OKX, Haider, promises to publish OKX’s proof-of-funds (PoF) within 30 days. He also emphasises that OKX is a technology company, not a finance firm.
4. Huobi Global
The latest advisor of Huobi Global, Justin Sun, supports CZ’s proposal and promises to do the merkle-tree PoF for the third time.
Already, significant contributors to this fund include Sumitomo Mitsui Banking Corporation, Mizuho Bank, Nippon Life Insurance, and the Daiwa Securities Group, committing a total investment exceeding 50 billion yen.
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JixuThus far, an overwhelming number of ARB holders have backed the proposal.
ClementBitwala re-establishes itself in the cryptocurrency sector through a collaboration with Striga, enhancing its European crypto banking services.
Hui XinWithin the updated guidelines, stringent measures have been introduced; imposing penalties on VASPs found operating without the requisite licenses within the jurisdiction.
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