The cryptocurrency exchange Binance announced an update designed to improve transparency of users’ funds storage, ForkLog was told by the platform’s representatives.<\/p>\n
The Proof-of-Reserves feature will allow Bitcoin holders to verify that the exchange stores their funds in full and that they are backed by reserves.<\/p>\n
Users will also be able to check their assets and transactions via the Merkle Tree data structure.<\/p>\n
To do this, on the Binance site a user should go to their wallet and select the ‘Audit’ option. This will generate a unique record identifier that confirms asset coverage and their balance at the time of the audit.<\/p>\n
In the future, the ability to use the feature will be extended to holders of ETH, USDT, USDC, BUSD and BNB.<\/p>\n
Full launch is expected within a few weeks.<\/p>\n
Binance plans to enlist an independent third-party auditor to verify Merkle Tree data and implement the ZK-SNARK<\/a> tool for additional confirmation of reserve holdings.<\/p>\n Earlier in November Binance disclosed<\/a> information about its crypto reserves.<\/p>\n