Popular crypto exchanges interested to publish Proof of reserves including Gate.io, Kraken, and Coinbase. 

The first exchanges to post proof-of-reserves (PoR), including liabilities, as part of their audits were the cryptocurrency exchanges Gate.io, Coinbase, and Kraken. The proof-of-reserves from Crypto.com and Huobi have already been released. The team added that they are currently writing their report on liabilities and will publish it soon. On the other hand, OKX and Mexc Global are currently working on publishing a complete proof-of-reserves. Some of the other popular crypto exchanges that have expressed interest in publishing PoR are Bitget, Deribit, Binance, Gate.io, KuCoin, Poloniex, Binance, Gate.io, and Bybi.  

The need for full transparency was also agreed upon by many exchanges. It was the failure of FTX that demonstrated the importance of proof-of-reserves for centralized crypto exchanges.

Changpeng Zhao, CEO of Binance, proposed that all exchanges provide Merkle-tree proof-of-reserves. Despite starting the trend, Binance has not accounted for its liabilities in its proof of reserves.  

Disclosure of liabilities was not a proposal made by Binance. Along with their Merkle-tree proof of reserves, Bitfinex did not disclose its liabilities and ByBit did not disclose their liabilities either. Although, they did promise to give proof of reserves in the near future. Crypto.com and Huobi are two exchanges that have already made their full proof of reserves public.

About Proof of Reserves :

An independent audit known as a Proof of Reserves (PoR) is carried out by a third party to make sure that a custodian actually has the assets it says it does on behalf of its clients. This auditor creates a Merkle tree, a privacy-friendly data structure that contains all client balances, using an anonymized snapshot of all retained balances. In the proof-of-reserves, liabilities are evaluated as part of an audit. Proof of Reserves should be implemented by all crypto exchanges to demonstrate 100% coverage of customer assets. 

The auditor then acquires a Merkle root, which is a cryptographic fingerprint used to identify the combination of these balances at the moment the snapshot was taken. A financial audit can also provide a complete picture of an exchange's financial condition. Blockchaincenter.net will start recommending exchanges with a Proof of Reserve by 2023.