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Worlds biggest cryptocurrency exchange Binance shows commitment To Transparency

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Indrani bose Follow

INDIA

Nov, 10 2022

Nov, 10 2022

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The world's biggest cryptocurrency exchange Binance shows commitment to transparency by disclosed information on their hot and cold wallet addresses.

Binance, the world's biggest cryptocurrency exchange has disclosed information on their hot and cold wallet addresses. This move is taken as part of Binance's ongoing dedication to openness and encouraging trust in the ecosystem.

Currently, Binance is working to develop a POF Merkle tree that they are planning to share with the community in the coming weeks, this serves as a starting point. Merkle trees are used for organizing and structuring large amounts of data so that they can be processed more easily. The Merkle tree is used in cryptocurrency and blockchain to structure transaction data so it is less resource-intensive.

The main aim of Binance is to empower platform users to become aware and make decisions that are in line with their financial objectives.

An overview of what the wallet address list displays is provided below: This list includes only significant tokens from BTC, ETH, BSC, BNB, and TRX.

BTC(~475K BTC)

ETH(~4.8M ETH)

USDT(~17.6B USDT)

BUSD(~21.7B BUSD)

USDC(~601M USDC)

BNB(~58M BNB)

Binance and FTX controversy :

Wednesday morning, Binance CEO Changpeng Zhao (CZ) declared that FTX has been entirely bought by the largest cryptocurrency exchange in the world. Binance declared by signing a non-binding Letter of Intent that it will assist FTX in addressing the liquidity crisis that started as soon as Tuesday's bank run.

Just 24 hours after announcing a tentative agreement, the cryptocurrency exchange Binance has withdrawn from the deal to buy rival digital currency business FTX, the company revealed in a statement on Wednesday. In response to a rumour that federal investigators were looking into how FTX.com handled customer payments, the firm tweeted that the purchase fell through during the corporate due diligence phase.


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Indrani bose

CBW - External Analyst

INDIA

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