- Gemini, Coinbase, and Binance have already been predicted by a Reddit user.
- Binance, Huobi, OKX, KuCoin, and others, have stated intentions to publicize their fund reserves.
- CZ Binance suggested that Merkle-tree proof-of-reserves be performed by cryptocurrency exchanges.
Nobody could have predicted that the major conflicts between cryptocurrency exchanges would reach this level by the end of 2022.
It’s noteworthy that the exchanges that appeared to be the most stable were actually among the first to crash. The future success of Gemini, Coinbase, and Binance has already been predicted by a Reddit user.
He claimed that Gemini, run by the Winklevoss twins, has been operational since 2014 and has always placed a premium on compliance. Also supposedly founded by early Bitcoin enthusiasts is this exchange.
Second, Coinbase was established in 2012 and is currently traded openly. Although it isn’t the most thrilling trade, he believed that having to answer to shareholders helps keep the participants honest.
The two aforementioned exchanges are permitted to conduct business in New York, the US state with the tightest cryptocurrency rules. Additionally, they do not create their own coin from thin air to be utilized for the benefit of the exchanges.
Finally, Binance’s size will most likely keep them going provided they are not completely lying about their holdings as FTX did. According to the Reddit post, It’s best not to hold crypto on any exchange but for ramping and trading these three seem to be the best.
However, Binance, Huobi, OKX, KuCoin, and others, have stated intentions to publicize their fund reserves. This is in an effort to combat the current contagion fears plaguing the cryptocurrency market.
Following this, Changpeng Zhao, CEO of Binance, suggested that Merkle-tree proof-of-reserves be performed by cryptocurrency exchanges. He contends that unlike conventional financial organizations like banks, crypto exchanges cannot function with fractional reserves.
CZ noted that Binance would shortly begin its proof-of-reserves program in an effort to achieve complete transparency.
He also disclosed on November 9 that the exchange has increased the SAFU insurance fund to $1 billion. In order to safeguard user cash, Binance established the fund in July 2018.
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