CandleFocus

These 2 Exchanges Lead in Bitcoin Reserve Growth Since FTX’s 2022 Collapse

Author: Content Editor
The FTX collapse in November 2022 has led to increased transparency and asset monitoring in the crypto industry. Bitfinex and Binance are the only major exchanges that have seen their Bitcoin reserves grow since the collapse. Coinbase is the only major exchange without a public Proof-of-Reserve (PoR) report, while Binance has adopted comprehensive transparency practices. Binance provides Proof-of-Assets (PoA) through publicly available on-chain addresses and includes additional assets in its reserve disclosures. Binance's Bitcoin reserves have grown despite regulatory scrutiny. Other exchanges like OKX, Bybit, and KuCoin release PoR reports every month. While PoR reporting enhances transparency, security challenges remain, as seen in the case of WazirX, which experienced a cyberattack resulting in a decline in its reserves. PoR reports help users and stakeholders assess an exchange's financial health and ability to manage funds responsibly.

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