Financial transparency has become a fundamental pillar within the crypto ecosystem. After events that shook users' trust—such as the collapse of FTX—the need to implement strong and continuous verification mechanisms has become more urgent than ever.
Among the key measures to strengthen investor confidence are Proof of Reserves (PoR), which ensure that centralized exchanges (CEXs) truly back customer deposits with real, verifiable assets.
Through advanced metrics from CryptoQuant, it is possible to monitor the reserves of CEXs conducting PoR. These reserves are tracked hourly, providing extraordinary reliability to the monitoring process.
It’s important to clarify that PoR metrics only reflect the wallet addresses voluntarily disclosed by each exchange, as Proof of Reserves is a voluntary, non-mandatory initiative.
Binance leads the PoR rankings with $156.7678Qa in reserves, while Bitfinex follows far behind with $309.8703B (see Graph 2).
Thus, Binance surpasses Bitfinex by approximately 505,914 times in terms of reserves.
Similarly, Bybit, with $218.0904B, also falls significantly behind, with Binance holding 715,678 times more reserves.
When aggregating the reserves of all other audited CEXs, the combined total amounts to 651.0608 billion, meaning that Binance alone holds approximately 240,788 times more reserves than all other exchanges together.
This leadership not only highlights Binance’s strength but also underlines the growing concentration of digital assets.
Although Binance's dominance in Proof of Reserves is undeniable, trust in centralized exchanges should never be assumed without scrutiny.
Transparency is crucial, but the ultimate responsibility to safeguard assets remains with each individual investor.
Ongoing monitoring, understanding of metrics, and independent verification are key pillars for navigating a crypto environment that continues to evolve rapidly.
by Carmelo Alemán
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Written by Carmelo_Alemán
