• Binance has expanded its Proof-of-Reserve (PoR) system to include 11 new tokens, bringing the overall amount of funds verifiable via the exchange to over $63 billion.
• Crypto executives started sharing proof of reserves in response to concerns about the reliability of centralized players following FTX’s collapse.
• Binance incorporated zk-SNARKs into its PoR system earlier this year, affirming that user funds held on the platform are backed 1:1 while preserving user data privacy.

Binance Expands Proof of Reserves Report

Binance has expanded its Proof-of-Reserve (PoR) report to include 11 more tokens, bringing the overall amount of funds verifiable via the exchange’s PoR system to over $63 billion. The report now allows users to verify the amount of funds on the exchange across 24 different cryptocurrencies.

FTX Collapse Prompts Concern

The unprecedented collapse of FTX, once the third-largest cryptocurrency exchange, stirred up a lot of concerns within the crypto industry over the reliability of centralized players. In a bid to address this skepticism, crypto executives started to share proof of reserves.

Binance Shares Initial Audit Report

Binance was among the very first platforms to share its Proof of Reserves report. Initially, it shared a list of how many tokens it holds but noted that it was “not a complete set” and that further details will be shared in an upcoming full audit report. Later in December, Binance shared its PoR report audited by Mazars, which claimed that Binance’s bitcoin reserves have a 101% collateralization ratio.

Kraken’s Jesse Powell Finds Flaws in Audit

However, some crypto experts were quick to find some holes in this audit. More specifically, Kraken co-founder Jesse Powell noted that figures essentially state Binance’s bitcoin is 97% collateralized. The revelation led withdrawals as rumors about alleged problems at the platform drove users away.

Binance Incorporates zk-SNARKs Into Its System

In a bid to address this skepticism, Binance incorporated zk-SNARKs into its proof-of-reserves verification earlier this year, affirming that funds held on the platform are backed 1:1 while preserving user data privacy. Aside from Biance other crypto platforms have completed their Proof Of Reserves audits including Kraken , Crypto . com , Bitmex , Coinfloor , Gate . io , HBTC and WazirX .