While Binance founder and CEO Changpeng Zhao was delivering a fatal blow on Tuesday to his chief competitor, FTX’s Sam Bankman-Fried, he tweeted a curious announcement: Binance would begin to issue "proof of reserves."
Crypto is filled with these sort of wonky phrases, but Zhao—or CZ, as he’s more commonly known—has suggested that proof of reserves can reform the industry, offering a new level of transparency that would prevent the sketchy accounting that led to FTX’s rapid collapse.
