Nouriel Roubini is no friend of cryptocurrency exchanges. And he is flatly unimpressed with the “proof of reserves” idea that Binance and other crypto players are touting in the wake of FTX’s epic collapse.
On Friday morning, Binance announced the release of its proof of reserve system, starting with Bitcoin. It wrote on its site, “Following our recent announcement outlining our commitment to transparency, Binance is releasing its Proof of Reserves (PoR) System, which is the next step in our effort to provide transparency on user funds. The launch of this feature will start initially with BTC, with other tokens and networks being added in the next couple of weeks.”
