Changpeng Zhao Addresses Concerns Over Binance’s Proof-of-Reserves
Changpeng Zhao, known as CZ and the founder of Binance, took to social media to dispel worries surrounding the cryptocurrency exchange’s proof-of-reserves. Responding to accusations that Binance was stalling the release of its reserves report, he labeled such claims as fear, uncertainty, and doubt (FUD).
Standard Procedure for Proof-of-Reserves
Zhao pointed out that there is a standard procedure at Binance where the proof-of-reserves is published typically around the 5th or 6th of each month, with the relevant data being collected on the first day. He encouraged those voicing concerns to verify the historical timelines rather than spreading misinformation.
Emphasis on Transparency
His specific remarks on platform transparency emphasized that rigorous review processes follow the initial data compilation, thus justifying the few days’ wait before the report is made public.
Zhao’s message resonated with parts of the Binance community; many users expressed gratitude for his clarification, while some argued that he should not engage with critics looking for notoriety. Nevertheless, this response from Zhao aligns with his proactive approach to communication regarding Binance’s operations.
Commitment to the Cryptocurrency Sector
Zhao’s recent public engagements reflect his commitment to the cryptocurrency sector, as he has also commented on other significant developments. Notably, when Nano Labs secured $500 million to purchase Binance Coin, he highlighted it as a promising indication for the cryptocurrency’s future. Additionally, he has actively defended the industry by rebutting claims about the demise of prominent cryptocurrencies like Ripple and Bitcoin.
