Quote from: tvplus006 on Today at 02:54:10 PM

Quote from: passwordnow on November 12, 2022, 02:08:01 AM

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.

After the problems associated with the bankruptcy of the FTX exchange, the number of Binance users will certainly increase. "In response to the collapse of FTX, Binance, the worlds largest cryptocurrency exchange, has released details of its cold wallet reserves, disclosing proof of digital asset holdings worth more than $69 billion." - https://www.binance.com/en/feed/post/53973 This will definitely affect the choice of the exchange, among those who had an FTX account or are just thinking of trading.

Of course binance will take advantage of the FTX collapse as other exchange would do. CZ knows the weakness of FTX and CZ of course utilize the happening on FTX flexing that they have this proof of reserve that other exchange do not. Obviously, People would go to binance since it is better and currently the top centralized exchange. Binance could possibly experience a big problem in the future and I hope that CZ knows what to do. We all don't want to lose exchanges one by one.