Bitcoin cheerleader Nic Carter has published data detailing proof-of-reserves (PoR) activity from major centralised cryptocurrency exchanges.
According to his analysis, Carter monitored attestation to assets held, liabilities, third-party auditors, among others, to determine the top exchanges for PoR.
Crypto exchanges Kraken and BitMex were ranked the highest on the list. His analysis found that Kraken hired Armanino for its PoR and offered clients a “good level of confidence” against hidden liabilities while re-evaluating its operations every six months.
BitMEX, the second-highest crypto platform, utilised transparent operations models for assets, liabilities, and PoR verification.
Regarding assets, it listed its Bitcoin (BTC) holdings along with liquidity data verified by the BitMEX multisignal. It also published full Merkle tree data of user wallets.
Binance Ranking, Rebuttal to FUD Claims
Conversely, Binance scored lower on the rankings chart, indicating the Chinese-owned cryptocurrency exchange’s data was not complete.
He accused Binance’s Changpeng Zhao (CZ) of urging exchanges to post PoR but had not “yet risen to his own challenge.”
He added: “Binance’s first PoR doesn’t grant strong assurances. It only covers Bitcoin, which only represents 16.5% of their client assets.”
Binance Rebuttal to FUD Claims
Despite the accusations, Binance posted a seven-point rebuttal to accusers stating the company failed to live up to transparency and PoR expectations.
The world’s largest crypto platform hit back at such claims, citing accusations on its stablecoin consolidation, liquidity, and reserves, among others. It later verified in a CryptoQuant audit that its reserves were 99 percent accurate.
