Binance launches next phase of user transparency updates

Published by
City AM

By Darren Parkin Binance has taken the next step in its effort to provide transparency of user funds, following the recent disclosure of its hot and cold wallet addresses. The update shows the proof-of-reserves for BTC and an update using the Merkle Tree data structure for users to verify BTC holdings. It’s the first iteration of the feature, with verification for ETH, USDT, USDC, BUSD and BNB in the pipeline. The exchange is also working to onboard an independent third-party auditor to validate the Merkle Tree data. “Given recent events, it is understandable that the community will demand mor…

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