Changpeng Zhao, founder of Binance, addressed concerns regarding the proof-of-reserves report from the exchange. He dismissed rumors of intentional delays.
CZ's Response to Criticism
CZ responded to accusations on the platform X, labeling them as an attempt to spread fear, uncertainty, and doubt (FUD) in the ecosystem. He emphasized that publishing a report usually takes a few days, typically on the 5th or 6th of the month.
Publishing Norms for Proof-of-Reserve
According to CZ, the proof-of-reserve report is a snapshot of account balances taken on the first day of the month. The Binance team takes a few days to review results before publishing them.
CZ's Engagement in the Crypto Space
CZ actively monitors news and issues related to Binance, frequently making statements to clarify situations in the ecosystem. For instance, he recently supported Nano Labs, which raised $500 million to purchase Binance Coin.
Such comments from CZ highlight his proactive stance in defending the reputation of Binance and the broader cryptocurrency industry. The response from the community has been mixed, with some appreciating his clarifications, while others believe he shouldn't have responded to criticism.
