Has your preferred exchange released their proof of funds?
Proof of reserves is meant to encourage exchanges to demonstrate transparency by proving that users' deposits are safely stacked in their possession.
Sadly the crypto industry isn’t devoid of hacks and fraud, hence exchange users must be reassured about the safety of their assets.
Transparency and trust are vital in the crypto space, Proof of reserves encourages that by allowing customers and auditors to verify that deposited funds are well protected.Although some exchanges have willing released theirs, others have withheld theirs.
As a trader who understands the risks of depositing your funds in CEXs, do you feel safe knowing that your preferred exchange hasn’t released their proof of reserves?
Nah I wouldn't feel safe knowing my preferred cex hasn't released their PoR, that's why I'm with an exchange that not only has a robust PoR, but also has the second largest investors protection funds for any cex.
I understand your sentiments, a PoR and an insurance cover give exchanges legitimacy from it users, it is reassuring for users to know that in the event of an unpleasant occurrence to the exchange they can reclaim their funds. One question that begs for answer though is are these PoR and protection funds verifiable?
I couldnt agree more. Making PoR available kinda boost my confidence and trust too, especially with all thats been goin on in the crypto space lately. The 2 exchanges i use are are the 1st and 2nd interms of asset protection funds for users.