I understand where these ideas are coming from after everyone has trusted the person that has been looked up to by many and even reputable companies, a major holder and investor for his company, FTX.
Who says the human beings at Binance arent plagued by the same things that drive greed and risk driven behaviors?
This is possible but I think so far, CZ and his company have always been vocal and transparent about what is happening to their company. Say, the hacks that have happened to them. Some other exchanges won't admit that they've got weak security that turned that incident into hacking. But them, they're telling they've been hacked but with a guarantee that funds are safe through their SAFU. I'm not defending them but everyone of us must take care of the funds wherever we are depositing it which we do in centralized platforms. And IMO, this is going to be a new trend for these companies, they'll be obliged to show their proof of reserve.
I agree with you, although anything is possible, it is clear that CZ is leading Binance to be different from other exchanges, they are always responsible for the incidents that they cause, do not hide, cover up. They have always been pioneers, first Safu and now a new term they created to represent transparency for investor peace of mind, proof-of-reserve.
I believe other exchanges will soon have to follow them, if an exchange can't make their assets public then they have a problem. Investing in cryptocurrencies is always risky and if someone can't take the risk, they should leave the market.