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Binance Replies to Kraken CEO Who Criticized its Proof-of-Reserve

Binance CEO calls critics’ objections a healthy check, promising to provide apt feedback.Previously, Kraken’s CEO challenged Binance’s published...
Binance Replies to Kraken CEO Who Criticized its Proof-of-Reserve © Reuters Binance Replies to Kraken CEO Who Criticized its Proof-of-Reserve
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  • Binance CEO calls critics’ objections a healthy check, promising to provide apt feedback.
  • Previously, Kraken’s CEO challenged Binance’s published proof-of-reserve.
  • He claimed the statement of assets is pointless without liabilities.

Changpeng Zhao, the CEO of the largest crypto exchange Binance, has reacted to the criticism from Jesse Powell, the CEO of the US-based crypto exchange, Kraken. The Binance CEO noted that he considers objections from adversaries ‘a healthy check,’ noting that the business will provide appropriate feedback.

Last Friday, CEO Powell questioned the integrity of the proof-of-reserve (PoR) the Binance exchange posted, claiming what it shared was not a PoR but an intentional misrepresentation. He added:

The Merkle tree is just hand-wavey bullshit without an auditor to ensure you didn’t include accounts with negative balances. The statement of assets is pointless without liabilities.

In a tweet on November 22, the Kraken CEO argued that an authentic proof-of-reserve must include three things. Namely, a sum of client liabilities, with auditors expunging negative balances, user-verifiable cryptographic proof that each account was included in the aggregate, and signatures proving that the custodian has control of the wallets.

Notably, the Kraken crypto exchange has also published its proof-of-reserve. And according to the exchange CEO, the process involved an auditor who ensured no negative balances. Coinbase (NASDAQ:COIN), KuCoin, and Crypto.com are among the significant crypto asset managers that have published specific details of customer assets under their watch.

The trend of proof-of-reserve by crypto asset managers started after the former second-largest exchange, FTX, went bankrupt, putting investors at over $8 billion in losses. Additionally, experts have encouraged crypto enthusiasts to reduce their reliance on centralized platforms and embrace self-custody.

The post Binance Replies to Kraken CEO Who Criticized its Proof-of-Reserve appeared first on Coin Edition.

See original on CoinEdition

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    EUR/USD 1.0821 Buy  
    GBP/USD 1.2671 Sell  
    USD/JPY 150.52 Neutral  
    AUD/USD 0.6564 ↑ Sell  
    USD/CAD 1.3510 ↑ Buy  
    EUR/JPY 162.88 Neutral  
    EUR/CHF 0.9535 ↑ Buy  
    Gold 2,045.80 ↑ Sell  
    Silver 22.977 ↑ Buy  
    Copper 3.8690 Neutral  
    Crude Oil WTI 76.57 ↑ Buy  
    Brent Oil 81.58 ↑ Buy  
    Natural Gas 1.582 ↑ Sell  
    US Coffee C 179.85 ↑ Sell  
    Euro Stoxx 50 4,872.25 Buy  
    S&P 500 5,088.80 ↑ Sell  
    DAX 17,419.33 Neutral  
    FTSE 100 7,706.28 ↑ Sell  
    Hang Seng 16,725.86 ↑ Sell  
    Small Cap 2000 2,016.69 ↑ Sell  
    IBEX 35 10,130.60 Buy  
    BASF 46.600 ↑ Buy  
    Bayer 28.82 ↑ Sell  
    Allianz 246.50 Buy  
    Adidas 188.78 Neutral  
    Lufthansa 7.381 ↑ Buy  
    Siemens AG 175.30 ↑ Sell  
    Deutsche Bank AG 12.390 Neutral  
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