A tidal wave: this is the effect of the lightning collapse of FTX, which was until then considered a flagship of the ecosystem. And the fall of the giant forced its competitors to try to prove that they did not have liquidity problems. Which platforms have played the transparency card?
Exchanges that publish their reserves
Several platforms have communicated on the possible arrival of proof of reserves, with audit. These are supposed to transparently show what funds the exchange has, as well as its debts. According to data gathered on BlockchainCenter, there are now 11 exchange platforms who will submit to this obligation, following the FTX affair.
Among these, 3 had already been audited before the case was triggered and were pioneers in the field: Kraken, Coinbase, as well as Gate.io. The giant Binance released the status of its addresses last week and confirmed that an audit would be released soon. Same scenario with Crypto.comstruggling for credibility after rumors of financial difficulties.
Bitfinex and Huobi finish the list of the 7 exchanges that have published proof of reserves. OKX, Kucoin, ByBit and MEXCGlobal have also confirmed that they will also soon comply with the exercise. Here is a summary table for the main world exchanges:
| Exchange | Reserve evidence | Audited |
| kraken |
✔️ |
✔️ |
| Coinbase |
✔️ |
✔️ |
| Gate.io |
✔️ |
✔️ |
| Binance |
✔️ |
In progress |
| Crypto.com |
✔️ |
In progress |
| Bitfinex |
✔️ |
❌ |
| Huobi |
✔️ |
In progress |
👉 Find more information on the exchange platforms of the moment
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A major challenge for the ecosystem?
It is difficult to overestimate the importance of the approach for these platforms. these face a significant trust deficit and undoubtedly unprecedented, while they were just trying to prove their seriousness in recent years. For clients, institutions and regulators, being able to consult the financial health of these major players will therefore be absolutely necessary for them to be trusted again.
As we recall, regulators have already been rumbling in recent months, and the latest events only fueled their mistrust. The fall of the giant FTX will therefore certainly become a milestone around which the policies of the next few years will be articulated… For better or for worse.
👉 To read – How to secure and store your cryptocurrencies?
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Published by Editions Larousse
Source: Blockchain Center
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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