Binance, the largest and most popular digital currency exchange in the world, has announced a new program that will provide all current and future crypto investors with proof of current bitcoin and Ethereum currencies.
Binance is Trying to Prove That it is Not Like FTX
The purpose is to shed light on the issue of transparency and to show that the company has nothing to do with FTX, the now failed digital currency exchange that started only three years ago in 2019. Binance was the first to buy the digital currency exchange when it started to run into financial problems, although the company later decided that the problems faced by FTX were too big to solve.
Either way, it looks like Binance is learning from the fiasco that is FTX and is trying to not only get out of the company now, but also show people why and where crypto in general can still be trusted. Now, the company has officially announced how much BTC and ETH it has in its pool, although it doesn’t stop there.
The company issued a statement suggesting that it has other crypto units to its name, and information on reserves will be available in the coming weeks. The statement said:
When we talk about proof of deposit, we are talking specifically about the assets we hold on deposit for employees. This means that we have shown evidence and proof that Binance has funds that cover all of our users’ assets 1:1, plus some security.
At the time of writing, Binance has published a screenshot showing that it has more than 582,000 bitcoin units hidden. Currently, there are more than 572,000 units of bitcoin stored on exchanges owned by individual customers. From this information alone, we can assume that Binance has enough money to cover all of everyone’s losses (if they happen) while they still have leverage.
This may seem like a good thing at first glance, but many customers believe that it is not enough. Binance anticipated this behavior and provided a process in a recent press release explaining how customers can verify this data for themselves and ensure that their units are counted privately. See for yourself!
The newspaper said: For those who want to go a step further and check their money themselves, they can copy the source code into a Python program and check it out for themselves. FTX has long been considered the golden child of the digital currency world, and its founder and CEO, Sam Bankman-Fried, has been hailed by many as a genius for its potential. great deal so far. it’s only three years. age.
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