Binance proof of reserves is ‘pointless without liabilities:’ Kraken CEO By Cointelegraph

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Binance proof of reserves is ‘pointless without liabilities:’ Kraken CEO

Disclaimer: The article has been updated to reflect Binance CEO CZ’s response to the concerns raised by Kraken CEO Jesse Powell.

The collapse of the crypto exchange FTX revealed the importance of proof of reserves in avoiding situations involving the misappropriation of users’ funds. While exchanges have proactively started sharing wallet addresses to prove the existence of users’ funds, several entrepreneurs, including Kraken CEO and co-founder Jesse Powell, called the practice “pointless” as exchanges fail to include liabilities.

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