
Binance & Crypto.com: Proof Of Reserves Reports Are Worth Nothing & Prove Nothing, Critics Claim!
Amid Crypto Contagion following the FTX collapse, two of the world's largest crypto exchanges, Binance and Crypto.com released "Proof of Reserves (PoR)" reports. Both worked with Mazars Group, a global accounting firm. However, according to Mazars, these haven't been audit reports; they did not express an opinion or an assurance conclusion. While the PoR reports may be a good first step toward more transparency in the crypto sector, but for now, they are more of a sort of placebo to calm users.