- Now the system includes 24 tokens
- And the reserves of the exchange reached $63 billion
- But the audit question remains open.
Crypto exchange Binance increased its Proof-of-Reserves (PoR) coverage for 11 tokens. Now MASK, ENJ, WRX, GRT, CHR, CRV, 1INCH, CVP, HFT, SSV and DOGE coins have appeared here. After the upgrade, the PoR system includes 24 tokens. And the company’s reserves rose to $63 billion.
On the website, the company provides the results of the check at the time of the snapshot. According to PoR Binance, the exchange’s assets are backed by at least 100% reserves. But many coins have more than 100% collateral. USDT received the highest support (5490.55%).
Last month, the crypto exchange introduced ZK-SNARK technology, which enhances user privacy during verification. In addition, they made the code open source to help other exchanges implement this feature.
However, full transparency requires more than Proof-of-Reserves. Therefore, many members of the community require an audit report. So far, Binance says it takes time to find an audit. The reason was that accounting firms do not specialize in cryptocurrencies.
Previously, Mazars was involved in the audit of the crypto exchange. But she cut ties with Binance after publishing a controversial first report. Then the Big Four accounting firms abandoned the exchange (they are Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers). Moreover, Deloitte continues to audit the financial statements of Coinbase.