Kraken CEO Calls Binance ‘Proof Of Reserves’ Pointless
1 min read
Binance released its Proof of Reserves (PoR) System which is the next step in their effort to provide transparency on user funds in their eyes.
Kraken’s CEO Jesse Powell takes aim at Binance’s recently launched proof-of-reserves by calling it to be pointless.
He also added that Binance is misleading consumers:
Jesse Powell is right in my opinion. These “proof of reserves” means nothing. It’s just eyewash transparency. They are showing you one piece of the equation which are assets but it’s meaningless unless you see liabilities, in this case to know if they have positive or negative equity.
Large amount of assets really don’t mean anything without the context.
submitted by /u/unitys2011
[link] [comments]
