Exchange Proof of Reserves: What It Means & Who is Doing It?!
The collapse of FTX and Alameda Research has probably left many of you wondering which cryptocurrency exchanges can be trusted. This is something they noticed, which is why they've all been publishing proof of their crypto reserves over the last few weeks.
Naturally, I decided to take a closer look at the assets these exchanges hold and see whether there is any cause for concern. Unfortunately most exchanges have only provided information about their assets and not their liabilities, but it's still interesting.
At first glance it looks like Binance is the only cryptocurrency exchange that's well capitalised, but again this is hard to say for sure without seeing the liabilities side of the balance sheet. I also take a close look at Crypto.com, OKX, and Kucoin.
Hope this helps in your exchange decisions!
P.S. Keep your any crypto you're not actively trading on your personal wallet!
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⛓️ 🔗 Useful Links 🔗 ⛓️
► Nansen Exchange Reserves: https://portfolio.nansen.ai/entities
► Binance Proof of Reserves: https://www.binance.com/en/blog/commu...
► OKX Proof of Reserves: https://www.okx.com/proof-of-reserves
► OKX Tutorial: https://deals.coinbureau.com/review/okx/
► Kucoin Proof of Reserves: https://www.kucoin.com/blog/transpare...
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
