Nic Carter pointed out that crypto exchange BitMEX opted for a very transparent proof-of-reserves model.
Bitcoin advocate Nic Carter has released an in-depth analysis of centralized exchange proof-of-reserves and ranked the attestations provided by some of the most prominent crypto trading platforms in the space.a detailed examination of the quality of several exchanges’ proof-of-reserves .
On the other hand, BitMEX, which also received praise, did not rely on an auditor but opted to go for a very transparent model. On the asset front, the exchange listed all BTC balances held by the exchange and proof that they are spendable by the BitMEX multisig. With its liabilities, the firm published the full Merkle tree of user balances. “This means that there are no issues with excluded or negative balances since anyone can vet the liability set in full," Carter wrote.
“Binance’s first PoR doesn’t grant strong assurances. It only covers Bitcoin, which only represents 16.5% of their client assets.” While the PoR allows individual users to verify that they are included in the liability set, Carter said that the PoR does not show the entire liability list. This makes it difficult for a third party to verify the procedure according to the analyst.
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