Btcnews on Nostr: 🔎 #BTC Exchange Proof of Reserves Update November 6 marks two years since the FTX ...

🔎 #BTC Exchange Proof of Reserves Update

November 6 marks two years since the FTX collapse, which highlighted the need for exchanges to provide Proof of Reserves (PoR) to confirm they hold user funds.

Of the major exchanges, Coinbase is the only one without a public PoR. Binance’s reserves have grown by 28k BTC (5%) to 611k BTC, despite regulatory challenges in 2023. Binance also has the lowest reserve drawdowns, never exceeding 16%.

Since FTX's fall, only Bitfinex and Binance have increased their BTC reserves among the top exchanges.