Binance continues to scale its PoR system.
Binance, the largest crypto exchange in terms of daily trading volumes, has added 11 new tokens to its Proof of Reserves (PoR) system.
According to a March 7th announcement, Binance's proof of reserves system (PoR) now stands at $63 billion through 24 tokens.
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It is worth noting that Binance's PoR system now includes Dogecoin (DOGE), WazirX (WRX), Curve DAO Token (CRV), SSV.network (SSV), Chromia (CHR), Mask Network (MASK) and other tokens.
Binance introduced the proof of reserves system in late 2022 to boost user confidence through greater transparency. It lets the exchange's clients know that their assets are held 1:1.
In February 2023, the exchange boosted the PoR system security by implementing zk-SNARKs, a zero-knowledge protocol that "increases the privacy and security of user data during the verification process."
It is worth noting that the PoR system was introduced in the wake of FTX's collapse. In December 2022, Mazars, a South African audit firm, removed the Binance PoR audit from its website.
Before taking down the audit, Mazars revealed that the audit was based on "agreed-upon procedures" (AUP). Therefore, it did not show an accurate financial status. At that time, Mazars revealed that its audit was limited in scope and only focused on Bitcoin (BTC) and cross-chain Bitcoin assets.
Crypto exchange Binance continues to scale up its services. At the beginning of March, the company revealed that it has partnered with global law enforcement agencies to launch a Joint Anti-Scam Campaign.