Examining the Holdings of 5 Centralized Crypto Exchanges: A Look at Binance, Okx, Crypto.com, Bitfinex, and Huobi
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After FTX collapsed, the incident prompted many major crypto exchanges to publish proof-of-reserves and lists of known addresses so users can verify the solvency of the trading platforms. While the veracity of these proof-of-reserve lists and asset dashboards is debatable, they do provide some insight into the large sums of cryptocurrency held in custody by major exchanges. For example, Binance, the largest cryptocurrency exchange by trade volume, manages $66 billion in crypto assets, which is more than 6% of the entire cryptocurrency economy’s net value of $1 trillion. An Inspection of 5 Proof-of-Reserves Lists That Provide Insight into Large Cryptocurrency
Binance and OKX lead with consistent Proof-of-Reserves above 100% and regular reports. Bybit and Kraken improve transparency but report less frequently and inconsistently. Coinbase lacks any Proof-of-Reserves reports, creating significant transparency gaps. Proof-of-Reserves (PoR) has become a major transparency tool for cryptocurrency exchanges to show that all user funds are…