Need For Transparency: It All Started After FTX Crisis
The failure of FTX has prompted other cryptocurrency companies to promise greater transparency in an effort to boost trust. An estimated 1 million creditors have suffered damages of billions of dollars as a result of the collapse.
This move comes a few weeks after the collapse of the FTX cryptocurrency exchange. In the case of FTX, the company faced a severe liquidity gap. The exchange led by Sam Bankman-Fried ceased processing withdrawals because it could no longer meet investor and end-user demand.
Proof Of Reserves: A Quick Glance
Binance said in a statement that users who wish to independently check their funds can copy the source code into a Python application and cross-reference it.
Crypto total market cap at $797 billion on the daily chart | Featured image from Bitcoin.com, Chart: TradingView.com