Binance Boosts Security With Proof-of-Reserves System Update, Now Covers 24 Tokens

Key Points:

• Binance upgrades its proof-of-reserves (PoR) system to include 24 tokens, providing greater transparency to users.
• The PoR system verifies that assets are held for users 1:1 in Binance’s custody, ensuring their funds are secure.

The world’s largest cryptocurrency exchange, has upgraded its proof-of-reserves (PoR) system to include 24 tokens. This upgrade comes as part of Binance’s commitment to providing greater transparency to its users. The PoR system is a way for users to verify that their assets are held for them 1:1 in Binance’s custody, ensuring that their funds are always secure.

The upgraded PoR system now includes 11 new tokens: MASK, ENJ, WRX, GRT, CHR, CRV, 1INCH, CVP, HFT, SSV, and DOGE. The overall amount of funds now verifiable via Binance’s PoR system has now exceeded $63 billion across these 24 assets.

To ensure user security and privacy, the exchange implemented zk-SNARKs, zero-knowledge protocols, in their PoR system. This is the first time a centralized crypto exchange (CEX) has implemented this kind of technology in their PoR work. The exchange has made the code open-source, allowing the rest of the industry to benefit from this innovative application.

Binance’s PoR system uses Merkle trees to add up on-chain data, providing users with greater transparency and peace of mind. With the addition of these 11 assets to the PoR system, it continues to prioritize user security and satisfaction.

If you’re looking for a cryptocurrency exchange that prioritizes user security and transparency, look no further than Binance. Their upgraded PoR system now includes 24 tokens and ensures that user funds are always secure.

Coincu previously reported Binance had completed the final phase before acquiring Gopax, and Binance has already filed a declaration with the Korean financial authority.

Gopax has submitted a virtual asset operator change report to the Financial Intelligence Unit (FIU) of the Korean Financial Services Commission. If the FIU accepts this change report, it will be the first time a global currency exchange has entered the domestic market through the Korean won the exchange.

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