Breaking: Kraken CEO Calls Binance 'Proof Of Reserves' Pointless

Following the failure of the cryptocurrency exchange FTX, it was discovered that the company had loaned out a sizeable part of its customers’ assets as revealed by their bankruptcy filings. As a direct result of this, prominent exchanges have been scrambling to reassure users about their proof-of-reserves and to push transparency in the market. Binance, is the latest exchange to reveal its reserves, but Kraken’s CEO Jesse Powell lashed out at the exchange, calling its reserves to be pointless as it lacked proof-of-liabilities.