![rect7192.png](https://images.hive.blog/DQmRSvSEmbu4Efy6ogvjprg8BzU1BjxHkfVu45EGH5tv3ij/rect7192.png)
<a href="https://storyset.com/security">Security illustrations by Storyset</a>

In a bid to be transparent, **Binance CEO Changpeng Zhao** posted a tweet. He did this so they can be seen as transparent in light of all that happened in the crypto market recently. With the crypto exchange **FTX on everyone's lips**, it is not hard to see why they are taking these steps. If more exchanges release their **Proof of Reserves** regularly they would be easy to spot as things go wrong.

Binance started with **Bitcoin reserves** and says that they will be bringing other tokens to light later. They took a cross-section of their reserves on the **22nd of this month**.

According to this post they have over a billion BTC on the chain and in customer wallets.



**The next proof of Reserves** is to be released **in 2 weeks** and in this next release, there will be others cryptocurrencies added to it. They are making plans of having a third-party audit to ensure transparency.


It will be nice to know if all the other exchanges are going to be made to make these same audits. Many people get played because they are not able to have these audits done in different exchanges.

I still stand on the fact that Binance has a part to play in monitoring exchanges, especially those that are centralized. Another feature they can add to it to help customers is to **release this information to the public**.


On other Binance news, CZ has a target of $1 billion for his **recovery funds after the FTX fall**. There are rumours from Bloomberg that he was in Abu Dhabi soliciting funds to help deal with some projects that are getting decimated by the market.

This news created a lot of FUD with people wondering what this means for the market if of its leaders are searching for funds.

CZ responded to one of the tweets that talked about this **Abudabi fundraising saying it is untrue**. BTC is still around $16,400. From the beginning of the year, many businesses have closed up because of the steady fall in value.

I wonder what all this means for the general market. With Hive fighting to get back over $0.4 and speculations of BTC testing $10,000, I wonder what this will mean for us.




![ezgif.com-gif-maker (2).gif](https://files.peakd.com/file/peakd-hive/ebingo/23t76kWYopdpmpwSgfXAg4gfUFC1wokMrNeibpHYf2zFHMQ8qpYHCQeesc8rvdBMHoj1T.gif)


# <center>Upvote and Reblog my post</center>
If you do, you’ll earn half of the payout and when you reblog my post you’ll show your followers that you support an awesome content creator on Hive. It also helps me stay fed, and clothed and send money home to the family…so support my work!!


Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@ebingo/binance-releases-its-proof-of-reserves-or-fundraising-fud)