Crypto platforms are in another transparency crisis, and these platforms have announced that they will publish proof of reserves

The early morning of November 9, Beijing time is destined to be a day that will be encrypted in history. Binance announced its intention to acquire FTX, and at the same time, the crypto community has renewed doubts about the transparency of transactions on centralized trading platforms. Then CZ expressed his views on social media, arguing that all trading platforms should do Merkle tree proofs. This article counts the trading platforms that have announced that they will do Merkle tree proof after this incident as follows:

*BlockBeats Note: Merkle tree as An important data structure, the Merkle tree allows the data of the block to be transmitted in pieces, while the data of the entire blockchain is completely connected in series, and it is basically impossible to modify it midway. This guarantees the transparency of the trading platform to a greater extent.  

Binance 

On November 9, CZ posted on its platform that  ; Binance will soon begin Merkle Tree Proof of Reserves to ensure full transparency of assets. Banks currently operate on fractional reserves, but cryptocurrency trading platforms should not.

OKX

Crypto trading platform OKX   tweeted, "It is critical for all major cryptocurrency trading platforms to publicly share their auditable merkle tree proof of reserve or POF. We plan to release this in the next few weeks (within 30 days) Proven, this is an important step in establishing baseline trust in the industry.”

Huobi

Justin Sun, founder of TRON and advisor to Huobi, agrees with CZ’s proposal, although Huobi just completed the Merkle tree reserve proof a month ago, but is happy to do a third time as proposed by CZ. Justin Sun believes that 100% proof of Merkle tree reserves is very important to the industry and transparency.

Bitget

Encryption trading platform Bitget  Managing Director Gracy Chen said that market confidence and transparency are important pillars for long-term development. Bitget previously launched a $200 million transaction protection fund to restore market confidence, and will also publish Bitget's merkle tree reserve proof to increase transparency. CEX requires a thorough, all-encompassing asset audit.

Gate

On November 9th, Gate.io CEO Han Lin posted on social media that the industry The first trading platform with 100% margin Merkle tree reserve proof, Gate.io will freely disclose our technical solutions and open source code to the whole industry, and provide technical consultation to peers who are preparing to launch 100% margin to facilitate transactions The transparency of the platform ecology and the healthy development of the industry.

KuCoin

BlockBeats news, on November 9, KuCoin CEO Johnny Lyu said: "Protecting user funds is a top priority for KuCoin and will be released in about a month Proof of reserves in the Merkle tree."

Bybit< /h4>

On November 9, Bybit co-founder and CEO Ben Zhou said: "Bybit has always been committed to customer funds Safe, and guarantee 1 to 1 reserves. We are not a bank, only escrow customers' funds. We are working on a Merkle tree proof-of-reserve solution."

Crypto.com  

On November 11, Crypto.com CEO Kris Marszalek tweeted that the cold wallet address and the balance of the main asset will be announced within 24 hours.

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