Kraken, Coinbase and Gate.io publish proof of reserves with liabilities Kraken, Coinbase and Gate.io publish proof of reserves with liabilities
Their liabilities are evaluated as a part of an audit and are included in the proof-of-reserves.
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Updated: Nov. 14, 2022 at 1:32 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Prominent crypto exchanges Kraken, Coinbase and Gate.io became the first exchanges to publish proof-of-reserves, including liabilities, as part of their audits.
Following the collapse of the FTX, Binance’s CEO Changpeng Zhao suggested that all exchanges should provide Merkle-tree proof-of-reserves.
Despite Binance initiating the movement, it has not included its liabilities in its proof-of-reserves.
Other exchanges with only proof of reserves
Binance did not include disclosure of liabilities in its suggestion. However, many exchanges agreed that it was also necessary to provide full transparency. Bitfinex also did not disclose its liabilities with its Merkle-tree proof of reserves.
MexcGlobal and ByBit also did not share their liabilities but said they will publish proof-of-reserves soon.
Exchanges with complete proof of reserves
Crypto.com and Huobi have already published their proof-of-reserves. The duo also announced that they are composing their liabilities report and will post that soon as well.
OKX and Mexc global, on the other hand, are currently working on publishing a full proof-of-reserves.
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Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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In this article
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Crypto.com
Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity.
Bitfinex
Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.
HTX
Huobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
KuCoin
KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies that launched in September 2017.
MEXC Global
MEXC Global is a centralized crypto exchange with vast crypto-related services.
Bybit
Bybit is a cryptocurrency derivative trading platform established in March 2018 and registered in the BVI.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.